Nelson Minier, the head of Kraken’s over-the-counter (OTC) sales group recently compared Wall Street and the cryptocurrency trading industry. He also claimed that it is still too early to say that Bitcoin is an investor’s safe haven.
Nasdaq TradeTalks Interview
In a recently published Nasdaq TradeTalks interview, Minier described how different Wall Street is these days. He said that his first 15 years on Wall Street was fun. He recounted that the CDS market at the time felt like what’s happening now with cryptocurrency. There were a lot of trading and financial innovations. He added that there was a lot of enthusiasm and energy about where the niche was headed.
The TradeTalks interview also touched on the tricky notion that Bitcoin (BTC) is turning into a refuge because of its minimal exposure to the restrictions imposed by monetary policies that fiat currencies have to follow. the
According to Minier, it’s too soon to consider BTC as a haven for assets due to its steep volatility. But he did acknowledge that the digital currency is beginning to appear like one.
Minier also believed that investors are coming in slowly and people are starting to manage their portfolios. He said that Bitcoin value rose when the market was getting a bit unstable, and even likened it to trading a risky asset.
Safe Space for Investors
The Kraken manager said that even though it’s still early days when it comes to Bitcoin, the currency is already heading towards becoming a safe space for investors.
Minier’s comments reflected what Tom Lee, Fundstrat Global Advisors’ senior market strategy analyst, said about the currency. But while Minier was careful with his comments, Lee had confidently stated that Bitcoin had already become a real safe haven for investors.