According to a report, a secret meeting took place between Wall Street insiders and Cryptocurrency representatives to figure out how to legitimize the crypto industry as an asset class.
More about the report can be found here:
The report was first leaked by Bloomberg and has since made the rounds to several news outlets.
Per the report:
"The closed-door meeting in Chicago was attended by representatives from about half a dozen companies, including cryptocurrency exchange Gemini — whose co-founders, Cameron and Tyler Winklevoss, were behind the latest failed bid to create a bitcoin ETF."
"An unnamed source with knowledge of the meeting said that the participants discussed the implications of future cryptocurrency regulations and what industry firms can do to bolster the reputation of bitcoin and other cryptoassets."
"This will not be the last meeting of this nature, the person said, adding that there will be an ongoing dialogue among the participants. Due to its history of illiquidity, theft, fraud and the lack of custody services, Wall Street has been slow to move into the space."
This is very big news.
Wall Street could either try and stamp out the asset or they could get behind it and try to ensure its survival, it looks like they are doing the latter.
The Nasdaq has already inked agreements with a handful of cryptocurrency exchanges to allow them to use its market surveillance technology to better monitor their trading activity.
The Nasdaq also stated earlier that they would be open to listing crypto assets when the market was more mature.
The Nasdaq CEO is a firm believer in the technology saying:
"Cryptocurrency is the right next step in the space of currency. Though, the jury is still out on whether bitcoin or another coin will be the one that achieves mass adoption."
“How it evolves and which of the cryptocurrencies may or may not be the one that ultimately gets embraced, I think that really the jury is still out on that. But I do think the idea of a more globalized payment mechanism that is more efficient than what we have today allows for money to transfer across countries and certainly supports the Internet economy.”
If Wall Street is embracing bitcoin and cryptocurrency it likely means that institutional investors are around the corner and that likely means big price increases are also around the corner.
It's a good time to be buying bitcoin folks.
Stay informed my friends.
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