Wall Street Bulls At The Gate — Steemit

Wall Street Bulls At The GatesteemCreated with Sketch.

in money •  8 months ago

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After years of talking down Bitcoin and the cryptocurrency market. The Wall Street bulls are at the gate. Now whether that is a good thing or a bad thing depends on your point of view;

Positives:
Wall Street will bring an insane amount of money into the cryptocurrency market. We are talking well into the hundreds of billions of dollars. This money will provide a significant multiplier effect to the cryptocurrency market. According to Tom Lee, for every billion dollars that flows into the crypto market, it is resulting in 25 billion dollars in price appreciation. When you truly understand this, you can begin to imagine just what kind of impact Wall Street will bring in terms of increased valuations of cryptocurrenices.

Negatives:
Every single negative aspect we see in the stock market as a result of Wall Street’s antics is likely to be repeated in the cryptocurrency market. To some extent we have already seen this with the dramatic price movements in those leveraging their futures contracts. Wall Street isn’t interested in playing by anyone’s rules other than their own, as a consequence Wall Street money doesn’t come cheap. The very system that crypto purists were fighting against is more than likely going to gain control over cryptocurrency as well. The only silver lighting is that Wall Street are late to the party and for once retail investors are the ones that will see the benefit.

List of Wall Street participants activity in cryptomarket:

  • Former Fortress CEO Mike Novogratz raises 250 million for cryptocurrency merchant bank
  • George Soros’ Fund Management company plans to invest in cryptocurrency
  • Rockerfeller Family Venture fund ‘Venrock’ plans to invest in cryptocurrency
  • Goldman Sachs backed ‘Circle’ acquired Poloniex for $400 million
  • Intercontinental Exchange (Parent company of NYSE) plans to launch global cryptocurrency data feed
  • Peter Thiel’s founders funs reported to have acquired large amounts of Bitcoin
  • 226 hedge fund globally as of Feb 18

This is just a short list of events and speculation, no doubt over the coming months more and more Wall street participants will enter the cryptocurrency market in some capacity. Where there is money to be made you can be sure Wall Street can be found.

What are your thoughts on Wall Street's entrance into the cryptocurrency market?


Image source: Fine Art America

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