Tuesday, 26 June 2018

Cardano Co-founder Says Wall Street To Pump ‘Tens of Trillions of Dollar’ In The Crypto Space

Although the cryptocurrency market has witnessed a heavy correction, it has not deterred the confidence of some of the popular analysts who still continue to be optimistic on its future. Cardano co-founder, Charles Hoskinson, tries to bring the enthusiasm back among the investors while saying that Wall Street is all set to pump ‘tens of trillions of dollars’ in the digital currency market, in the near future.
On his official Twitter account, Hoskinson wrote: “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 tried to reassure the crypto enthusiasts saying the future is a lot bright in comparison to the existing situation. Hoskinson has been quite vocal about the crypto markets in the past as well. Earlier this year in Jan 2018 when the crypto markets were at its peak, Hoskinson said that the market would enter a price correction followed with some consolidation. He also stated that this would help to eliminate businesses which were not build on strong foundations or ideas.
In the last few months, there has been a lot of talk regarding institutional participation in the crypto space. Big giants from the Wall Street are waiting for the regulatory air surrounding the digital currencies to get clear. Once done, we can witness a heavy participation coming from the institutional space.
Moreover, popular exchanges like Coinbase and other have doubled-down on their efforts to introduce institutional trading products in the cryptocurrency space providing a good platform for the heavy-weight investors to enter in the crypto market. Just last month in May 2018, Coinbase launched a suite of institutional products suitable for heavy-weight investors.
Moreover, big names from the Wall Street like hedge-fund manager Mike Novogratz has been a long-term cryptocurrency bull and is actively working on setting up a cryptocurrency merchant bank under his own firm Galaxy Digital Capital Management. Novogratz is likely to put 10% of his own money in this firm. Other popular personalities like Richard Kim, a former Goldman Sachs executive, will also be joining Novogratz in this initiative.
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