Podcast

Wall Street U-Turns on Crypto

 

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Episode #27

The winds of change are starting to blow in the world of cryptocurrency as governments and large investors begin to take the market more seriously.

George Soros is a world-renowned investor worth $8 Billion, according to Forbes. For decades, he’s been a trusted influencer in the world of finance and just weeks ago he called Bitcoin a bubble. However, in a surprising turn of events, His $26 billion hedge fund, Soros Fund Management has just announced new plans to… you guessed it — trade cryptocurrencies!

Another big Wall Street player has stepped into the limelight with unexpected news…

After about 5 months of “deny, deny, deny”, Goldman Sachs has finally announced that they WILL –in fact—be opening a crypto trading desk. For now, the desk is expected to offer a limited number of derivatives – mainly trading Bitcoin futures, but it’s a definitely start.

The CEO of Nasdaq,  the second-largest exchange in the world by market capitalization, behind the New York Stock Exchange and is based in the US, recently gave a bullish outlook regarding cryptos and suggested that Nasdaq may adopt cryptocurrencies at some point in the future.

For now, the exchange is securing a foothold in the crypto market through an announced partnership with the Gemini exchange, owned by the Winklevoss twins.

Gemini will reportedly be the first digital currency exchange to make use of Nasdaq’s SMARTS Market Surveillance Technology, which id designed to monitor & minimize potential violations in trading.

So What does all of this mean?

By the looks of it, wealthy traditional investors are beginning to test the crypto waters.

Hey, if Jamie Diamond could publicly back step and eat his words that Bitcoin is a ‘fraud,’ I suppose anything’s possible.

Maybe doing as they do, not as they say isn’t such a bad strategy after all.