Bitcoin is looking at a resurgence on Wall Street. Nikolaos Panigirtzoglou, Global Market Strategist for investment banking company JPMorgan Chase & Co., states that the stability of the cryptocurrency market is opening the door for potential institutional investors dip into the hype surrounding Bitcoin in the future.
Panigirtzoglou also shares that while the cryptocurrency market experienced a bubble phase and a burst, it is emerging as a more stable economic asset. Panigirtzoglou believes that many firms will express interest in Bitcoin as blockchain technology grows into an essential part of the stabilizing cryptocurrency market. While Panigirtzoglou feels confident about cryptocurrency’s resurgence, he reveals that it may be years away because regulators have yet to discover the potential of the cryptocurrency.
Many believe that Wall Street’s institutional investors will increase their involvement to inject capital into cryptocurrency, especially after some markets went through a bear year in 2018. Charles Hoskinson, co-founder of the public blockchain startup Cardano, shares that Wall Street will bring in trillions of dollars into the booming sector.
Wall Street was looking to enter the cryptocurrency market in 2018, but the bear market’s spiral downwards halted any plans. Banking giant Goldman Sachs, banking conglomerate Citigroup Inc., and financial services company Morgan Stanley all decided to stop their cryptocurrency projects because of the dip.
Twitter CEO Jack Dorsey, meanwhile, feels positive about the future of cryptocurrency. Dorsey reveals that Bitcoin is a resilient and principled brand that is ideal for the online dominated world. Dorsey believes that Bitcoin will take over in a decade, making it a worldwide currency. The Twitter CEO allegedly has Bitcoin as the only cryptocurrency he owns.