Why Storonsky Misjudges Big Institutional Investors Interest in Bitcoin and Cryptocurrencies
A recent Bloomberg report concerning institutional investors revealed comments by Nikolay Storonsky, a former Credit Suisse Group AG Trader who now manages Revolt Ltd, which is worth over $1 billion. According to Storonsky, institutional investors do not have an appetite for digital currencies.
During this years Web Summit 2018, Storonsky stated, “Unless these big institutional investors and hedge funds move heavily into the crypto world I just don’t think banks will move because they simply try to make money from their clients. There is no interest from big institutional investors so far.” Concerning the Bloomberg report, it also included a graph showing that cryptocurrencies are declining.
A YouTube trader by the name of Alessio Rastani regularly states, “There exists information for the classes, and information for the masses.” In relation to Storonsky’s statements and the Bloomberg chart, the two fall into the latter category.
Looking into the value of the statements though, it may be fair to surmise that they are based on a misconception. Although retail traders and the average individual may not be interested, retailer may actually have interest. Further, it is highly likely that institutional investors are looking to accumulate digital currencies for the future.