Bitcoin now has a market cap of more than $102 Billion and Wall Street can simply not go on ignoring Bitcoin and cryptocurrencies completely. Especially with the rapidly increasing user base and massive mainstream adoption of Bitcoin.
Just a few months back, a majority of Wall Street analysts and investors regarded Bitcoin as ‘Bubble’. They disapproved Bitcoin just like the technology sector kept disapproving Amazon since it started.
However, in light of recent events, it has become more difficult for the Wall Street to just deny Bitcoin’s existence. With constantly rising cryptocurrency market and more mainstream adoption than ever, Wall Street is well aware that their ignorance will isolate them from long-term crypto benefits.
Getting Along for the Ride
Rather than continue condemning Bitcoin, a number of investors and institutions decided to adopt it. Billionaires such as Mike Novogratz, Kyle Bass, and even institutes, Goldman Sachs have already embraced Bitcoin and other cryptocurrencies. Quite interestingly, earlier in October, Bitcoin passed the Market Cap of Goldman Sachs at $95 Billion. Analysts say the next target for Bitcoin is JPMorgan at $350 Billion.
Paul Vigna of the WSJ reported that owing to the increasing popularity Bitcoin, Goldman Sachs will be launching a cryptocurrency trading platform. The platform will act as a bridge between customers wanting to deal in Bitcoin and the traditional finance sector. According to Paul, this suggests that Goldman Sachs considers Bitcoin, a method of payment rather than a store of value.
Adoption by Institutional Investors
Mike Novogratz, Billionaire Hedge Fund Legend recently disclosed his just established fund. The fund will emphasize on Bitcoin and cryptocurrencies in the next few years to come. In an interview with CNBC, Mike told that major firms like Fidelity along with few other institutional investment firms have started the groundwork to engage in Bitcoin market.
“I can hear the herd coming. I was just in San Francisco, met with a few big institutional investors and they’re still a ways off, but they’re coming. Lots of funds being raised and so, I’m pretty confident to say that it [Bitcoin price] is going higher,” said Novogratz.
So what do you think? Will Wallstreet catch up to the Bitcoin Boom anytime soon?