Cryptocurrency is becoming a major subject in the investment arena with clients of traditional institutions showing increasing interest in the hitherto despised industry.
TD Ameritrade, a digital trading broker has reported that its clients in their thousands are eagerly looking forward to investing in cryptocurrency.
Executive Vice President of the company Steven Quirk mentioned during a panel discussion at CoinDesk’s Consensus 2019 that their clients are ready to invest in cryptocurrency if they have the option.
“We get calls, emails, 60,000 clients have traded something in this complex,” he said.
He also confirmed the speculation that institutional investors want an ETF approval before they invest in the industry
Another panelist aon with Quirk, the CEO of exchange ErisX Thomas Chippas said institutional investors are already into Bitcoin despite the delay in ETF approval.
“Apologies it’s not happening faster, but it’s happening, it’s never going to be fast enough for the people who write headlines,” he said.
As part of support for cryptocurrency, TD Ameritrade facilitates a Bitcoin education event for both millenials and and older retail investors and the interest is high, Quirk said. He and Chippas both confirmed a demand for physically settled Bitcoin futures as a form of security as they will be based on physical physical commodity and not volatile cash.
TD Ameritrade’s confirmation proves that cryptocurrencies are more popular than many have been led to believe. With the soaring market especially for Bitcoin, it is also clear that more investors are entering into the space and investing for the market to be recovering at such unprecedented rate.
Bitcoin has broken several expected resistances more easily than the crypto community expected. As it is currently trading at over $8,000, some analysts say it may be heading straight to $10,000 from here and the rest is unknown.
Even without and ETF or Bakkt, Bitcoin is doing extremely well, and the two are expected to be a major boost. The summary is that the future is very bright for Bitcoin and the cryptocurrency industry as this more institutional investors will be rushing in to push the market to a new level.