MoneyNews

Cryptocurrency market is the new Wall Street

UNITED STATES, WASHINGTON (OBSERVATORY) — Nelson Minier, the head of the Kraken OTC trading division, expressed the opinion that the cryptocurrency market is gradually growing, institutionalizing and becoming similar to Wall Street in the old days. It is reported by CCN.

However, according to Nelson, the current Wall Street, associated with the entire US stock market, is no longer what it used to be.

“For my first 15 years on Wall Street, it was fun. I was very successful. Then I started working on the CDS market , which was very much like a crypto: a lot of financial innovations, a lot of trading … There was a sense of progress, the market is filled with energy and enthusiasm, ” Nelson Minier, who managed to work at JPMorgan and Credit Suisse, shared his memories.

He added that “more and more portfolio managers” have recently come to the developing crypto industry. According to Minier, institutions are attracted by the opportunity to diversify investments through bitcoin. In addition, the potential return on investment in BTC seems even higher amid low rates and falling returns on traditional financial instruments.

Nevertheless, the expert emphasized that Bitcoin is an extremely volatile and, therefore, high-risk asset:

“I think BTC is still one of the most volatile assets on the planet. In just a few moments, we fell from $ 10,800 to $ 10,000.”

Recall that in June, Kraken CEO Jess Powell said that digital gold will fly up to $ 100 thousand , and maybe even up to a million dollars.

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