Wall Street to Pour $20 Million into Crypto?
Charles Hoskinson, the co-founder of Ethereum, said some interesting words lately. According to Hoskinson, Wallstreet is bound to invest “tens of trillions” once the next wave of regulation takes place. In Hoskinson’s own words, “What’s often missed by the cryptocurrency is going to die broken record media is that after the next wave of regulation, wall street is showing up to the party with all their locked up capital. That’s tens of trillions of dollars entering the space eventually. Future is bright.”
The likelihood of institutional dollars has not gone unnoticed. Several financial institutions are preparing for the move. For example, Goldman Sachs-backed Circle announced that it will be releasing a stablecoin to reduce volatility in the crypto market, which will help set the path for investors. Further, the Nasdaq recently partnered with several cryptocurrency exchanges, such as Gemini, to promote the development of traditional trading platforms so that technical demands are met.
At the current state though, cryptocurrency still represents a small portion of the world’s wealth. There is a market cap of $286 billion, while derivatives make up much more.