The head of Kraken believes that the cryptocurrency market is a new Wall Street
Crypto News

The head of Kraken believes that the cryptocurrency market is a new Wall Street

  • Cryptocurrency market repeats the history of Wall Street.
  • Bitcoin is still one of the most volatile assets in the world.

The cryptocurrency market is becoming more mature and pivoting towards institutional players, which makes it similar to Wall Street in its early days, according to Nelson Minier, the head of the Kraken OTC trading division.  

“Wall Street ain’t what it used to be. The first 15 years I was on Wall Street, it was fun. I was very fortunate, I started in the CDS market which feels a lot like crypto. Here you have a lot of financial innovation, a lot of trading…It feels very much like that, there’s a lot of energy and enthusiasm about this progress and where it’s going,” he said on Nasdaq’s Trade Talks.

However, at this stage the Wall Street in its current state is different from what it used to be, Nelson added.

Meanwhile, the crypto industry has moved to a new stage of evolution as lots of portfolio managers have become interested in the new asset and join the game. He believes that institutional investors are attracted by diversification opportunities unlocked by Bitcoin (BTC) and the cryptocurrency market as a whole. Also, the potential return on BTC investment seems to be even higher now due to low rates and falling returns on traditional financial instruments.

Nevertheless, the expert emphasized that Bitcoin is an extremely volatile and, therefore, risky asset:

“I think it’s still one of the most volatile assets on the planet. We just dropped from $10,800 to $10,000 in a few blinks,” Minier added

In June the head of the cryptocurrency exchange Kraken Jess Powell said that the digital gold would cost over $100,000.

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.