Wall Street will bring "Tens of trillions of dollars into crypto"
That was the premise laid out by the former co-founder of Cardano and Ethereum.
Charles Hoskinson, the co-founder of both Cardano and Ethereum, says that people who are selling right now are missing the bigger picture.
Specifically, he is saying that once regulations and protections are put in place, Wall Street money will show up.
(Source: https://twitter.com/IOHK_Charles/status/1009689496185724929)
Why is he saying this?
Judging from his tweet it looks like he is expecting this next wave of regulation to set up the playing field for institutions to enter the space.
Whether this is actually true or not is anyone's guess, though there seems like there is a high probability he is correct judging by comments from several other people with Wall Street connections.
People like Mike Novogratz, who used to work for Goldman Sachs, Ari Paul and Bart Smith, who both have significant Wall Street connections all have been saying for weeks that there is significant interest from Wall Street ONCE things are properly set up.
What kinds of things are they talking about specifically?
For one, custody solutions need to be set up.
Institutions cannot take on the risk of investing in crypto only to have their coins hacked or stolen.
There also needs to be clear guidance from regulators on what is a security and what is not, as well as clarity on tax implications.
Once those things become clear there should be a wave of institutional type money moving into crypto.
Even at just a 1-2% allocation from these large funds could mean trillions of dollars of investing capital.
The future is bright.
Stay informed my friends.
Follow me: @jrcornel
Main Street or Wall Street; just bring on the rally!
🧐😬🧐
So that why everything is jumping up in the last 2 hours
No, this was put out a couple days ago. Not sure what is causing the snapback rally today.
This was news 3 or 4 days ago. Today's rally will probably be brief. We've barely dipped our toes below 5900 USD and this jump now is hardly a strong bounce back, which is what we're waiting for.
I"m afraid many "institutions", like hedge funds found a solution to invest in cryptos eralier. Of course not all of them, some are having rules not to invest in unregulated products. So better regulations can help, but may be not so much like many investors are expecting.
about hedge funds here
There are other legal "conventional" ways to buy cryptos like products of grayscale.co in US, xbtprovider.com in Europe, certificates of Vontobel (Europe).
And the futures introduced in December.
That is true, though the Grayscale products are trading at a significant premium over the underlying assets.
One solution to Mt. Gox type problems would be to require people with significant holdings on exchanges to remove their coins from exchanges and put them on personal addresses. In the case of a hack, only a litle bit of the market will be affected that way. Also, force the exchanges to hold everything in cold storage.
Some professionals are speculating that the plan is to invest billions in, with a goal to destroy crypto by manipulating it with astronomical pump and dumps.
It's alleged that those in fiat-power are indeed threatened; and, the 'investments' will be a strategic ploy to continue to rule the world, and ultimately, crypto.
As long as there is nothing tangible to grow crypto, they have a chance to succeed.
It is all very interesting, and it's one of those way-cool moments to be able to see 2 decades down the road...lol...
Peace.
I don't think pump and dumps would destroy crypto. If they really wanted to kill all moral and interest they would use those billions to short it into the ground while at the same time getting their buddies in the press to spread FUD and while also getting money in the pockets of those not wanting to pass favorable crypto legislation. They do similar things in the penny stock markets all the time.
@jrcornel sounds like you've laid out their perfect plan...This would definitely 'succeed' on a huge enough level to prevent mega investors on the sidelines from entering in. They only need to 'hobble' crypto, before ultimately knocking it off its footing.
I stand by the premise that those in power of the fiat aren't going to go away without a battle to the end. As most who play video games know, only one can win in the end.
As it stands, we can go into 'any' store and buy with fiat. Crypto on the other hand has a way to go to be consistently 'fluid'. I hate to be a pessimist; but, the realist (novice) in me says FIAT is leading 1-0.
Peace.
https://steemit.com/bitcoin/@noorsamad/bitcoin-is-going-up
Is it right??Bring money to crypto.
The future is indeed bright
Thanks for the information
You’re much appreciated
Yes, I totally agree with you @jrcornel. If wall street comes into action then the day is not so far when the crypto industry float in trillions. keep supporting crypto world!!
We can just hope that this news is not a rumour . Crypto is just testing our patience and we have to be strong enough .