Wall Street to Lose Optimism About Blockchain

Bloomberg reports that leading financial companies lowed their optimist regrading blockchain prospects
24 December 2018   528

Against the background of the bear market in 2018, leading financial institutions, including Goldman Sachs, Morgan Stanley, Citigroup and Barclays, somewhat diminished their optimism about the prospects for Bitcoin-based products. It is reported by Bloomberg.

Thus, the head of SolidX Daniel Gallancy is convinced that amid the hype, market participants were too optimistic about the likelihood that the largest financial institutions, one by one, will start to enter the new industry.

According to Bloomberg, only 20 Goldman Sachs customers showed interest to the company's flagship bitcoin product - the settlement forward. Note that in October, the bank invested in the Bitcoin custodian BitGo.

The Morgan Stanley initiative related to the launch of total return swaps tied to bitcoin futures has also stalled. Until now, this bank holding has not launched trade in these contracts. It postponed plans to launch cryptocurrency products and the financial conglomerate Citigroup.

British investment bank Barclays had postponed plans to launch a cryptocurrency trading platform. It has now become known that this project was abandoned by two managers who were hired last year. Barclays currently has no plans to launch a crypto-trading platform.

Many experts are convinced that the current state of affairs is mainly due to legal uncertainty, insufficient regulation of the industry, as well as little interest in digital assets from institutional investors.

At the same time, such giants as the New York Stock Exchange, Fidelity and TD Ameritrade, are actively working to build a powerful infrastructure for working with cryptocurrencies. As the demand from the institutionalists increases, the latter will provide an opportunity to launch many products based on digital currencies, analysts at The Block are sure.

Earlier, representatives of the financial holding JPMorgan announced about the decline in institutional interest to Bitcoin.

South Koreans to Invest in Crypto Actively

In addition to the investment amounts, the share of those interested in investing in digital assets also increased
22 April 2019   80

The average amount of investments in cryptocurrency from South Korean invesetprsĀ is $ 6,100, which is 64% more than last year, Cointelegraph reports.

According to a survey conducted by the Korean Fund for the Protection of Portfolio Investors, in addition to the investment amounts, the percentage of those interested in investing in digital assets also increased. Thus, 7.4% of the 2500 respondents have already acquired cryptocurrency (last year there were 6.4% of those). It is noteworthy that this figure has increased, despite several major break-ins of the South Korean crypto exchange, as well as tougher regulation of the industry.

Analysts connect the market with a recent bitcoin price jumpĀ and hope for a new bull rally.

Recall recently it became known that 94% of trust capital funds invest in cryptocurrency.