UK’s CCLA Charity Fund Executive Thinks Bitcoin Bear Market Just a ‘Bump in the Road’ for Cryptos
It seems that the cryptocurrency crash that the crypto market has recently experienced is just a ‘bump in the road,’ according to a major UK charity fund executive. James Bevan, the chief investment manager at CCLA, talked during the Bloomberg Crypto Summit in London about the current sentiment around the cryptocurrency market.
He said to the audience that he does not see the market crash as ‘an existential crisis’ in virtual currencies. Instead, he believes that this is just a ‘bump in the road.’ He went on comparing the cryptocurrency market with traditional finance. He explained that institutional investors have also different problems with conventional currencies and transaction systems.
CCLA is one of the largest fund managers in the country and has around £7,842 million in assets under management until the last day of March 2018. According to an article released by Bloomberg, he also believes that the future of virtual currencies will entail greater regulation. Additionally, there will be more financial institutions, lower volatility and greater integration with other traditional assets in the space.
There are several companies such as Nasdaq that are entering the virtual currency space. At the same time, the Intercontinental Exchange (ICE) has also decided to launch a cryptocurrency-related platform for institutions called Bakkt.
Marieke Flament, the global chief marketing officer at Circle, noted that it is beneficial to ‘getthe wheels in motion for crypto regulations.’ In this way, it will be possible to learn from mistakes and other potential challenges.
It seems that there are several bullish individuals in the market about the future of the cryptocurrency space. Although Bitcoin is in a bear trend since the beginning of the current year, the future looks bright for Bitcoin and other virtual currencies.