Goldman Sachs says Bitcoin is on the path to maturity

Analyst Jeff Currie believes more institutional money is needed to stabilize the market.

In an interview with CNBC, Currie said Bitcoin’s remarkable run has attracted greater institutional interest, but noted that smart-money investors are still a tiny fraction of the overall market. They will need to come in droves for Bitcoin to become a stable asset and avoid a flash crash like we saw earlier this week, he said.

“I think the market is beginning to become more mature,” Currie said of Bitcoin, adding that “volatility and those risks that are associated with it” are common for nascent assets.

He continued:”The key to creating some type of stability in the market is to see an increase in the participation of institutional investors and right now they’re small […] roughly 1% of it is institutional money.”

Some of Wall Street’s biggest names have thrown their weight behind Bitcoin over the past year. Legendary investors Paul Tudor Jones and Stanley Druckenmiller have already invested in the digital asset, and firms like MassMutual and Ruffer Investment Company have acquired sizable positions in BTC.

Last month, Anthony Scaramucci’s hedge fund, SkyBridge Capital, submitted an application with the Securities and Exchange Commission to launch a new Bitcoin fund.

That’s on top of the tens of billions invested by MicroStrategy, Grayscale, PayPal and Square combined.

Goldman Sachs has even changed its tune on Bitcoin and cryptocurrencies more generally. The firm has not only beefed up its human resources to include digital currency experts, but it has also issued guidance on the peaceful coexistence of Bitcoin and gold as macro hedges.

Coinbase, one of the world’s largest crypto exchanges, has also reportedly tapped Goldman for its forthcoming IPO.

After more than a decade of extreme price volatility, Bitcoin (BTC) is finally starting to mature as an asset class, according to Jeffrey R. Currie, Goldman Sachs’ global head of commodities research. 
http://dlvr.it/RqRbg0

You might be interested in …

Yearnify Finance (YFY) Hidden Gem – Decentralized Finance Project, Pre-Sale Round 3 Is Now Live

Uncategorized

PRESS RELEASE. Yearnify Finance is a community-centered DeFi-project, modeled to take the successful features of Yearn Finance (YFI), and improve upon them. Yearnify aims to bring the true value of yield farming finance accessible to all users, yearnify offers the most secure and simple way to earn reliable yields on your assets. Yearnify is generally […]

Read More

Stripe will offer bank accounts, with help from Goldman Sachs and Citi

Uncategorized

But only for vendors, so retail users will have to wait. Online payments giant and Cash App owner Stripe is stepping into a new realm of financial services for vendors. Per a Wall Street Journal exclusive on Thursday, Stripe is looking to offer customers bank accounts and debit cards. However, these financial products will be […]

Read More

CFTC’s New Rules Cause Coinbase to Stop Offering Crypto Margin Trading

Uncategorized

Cryptocurrency exchange Coinbase is disabling its margin trading product in order to comply with the new rules set by the Commodity Futures Trading Commission (CFTC). CFTC’s Rules Affecting Margin Trading Offerings Coinbase’s chief legal officer, Paul Grewal, explained in a blog post on Tuesday: In response to new guidance from the Commodity Futures Trading Commission, […]

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

css.php