In recent months we’ve seen the tide turn on Wall Street – with cryptocurrencies finally coming into favor. While there hasn’t been a widespread acknowledgment yet, there have been moves occurring that are making traders think differently about the crypto market. Just look at Goldman Sachs, the leading bank recently announced plans to open a Bitcoin trading desk. Wall Street is warming up to cryptocurrency, with Charles Hoskinson (Cardano Co-Founder) believing that its full acceptance will bring in “tens of trillions of dollars.”
Wall Street is Welcome
Hoskinson said on Twitter, “What’s often missed by the cryptocurrency is going to die broken record media is that after the next wave of regulation, Wall Street is showing up to the party with all their locked-up capital. That’s tens of trillions of dollars entering the space eventually. Future is bright.” Hoskinson has a pedigree within the crypto sphere, as he was a founding member of Ethereum, while he’s also involved in crypto startup Invictus Innovations and crypto tech company IOHK. Cardano isn’t currently a leading crypto – ranking 8th on Coinmarketcap – but with a market cap of around $3.5 billion its presence is growing.
The Roots of a Relationship
There is no denying that relationship between Wall Street and cryptocurrency has been fraught in the past. But, with times changing, Wall Street is now waking up to lucrative nature of the market. Those within the crypto community are welcoming any potential Wall Street interest, as most are aware that it will likely result in a large cash influx. When discussing the crypto community, what it’s building, and why it should appeal to institutional investors, he labeled it as “an entirely new world.”
Billion Dollar Potential
Coinbase appears to be taking the lead when it comes to drawing Wall Street into the fold. Back in May, the market-leading crypto exchange released an array of new products with the sole purpose of attracting institutional investors. These products go a long way in relieving regulatory, security, and compliance concerns. Through the new measures, Coinbase is hopeful that it can open up the door to an extra $10 billion of Wall Street money.
What a Wall Street twist could mean for the crypto market remains somewhat unclear, but a huge influx of cash could be what’s required to take it to another level.