Despite hazardous fluctuations, which have been shaking up the word of cryptos, bitcoin and its brethren have all the chances to succeed in 2018.
The thing is that financial firms, among which there are hedge funds, as well as trading desks at Wall Street most outstanding banks, are eager to deal with cryptos, a new survey shows.
Wall Street’s Interest For Cryptos Grows?
In the released on April 24 survey by Thomson Reuters, 20% of financial firms, including top banks and hedge funds are looking forward to trading bitcoin and its ilks within the following 3-12 months.
To make it clear, that’s one in five firms that have expressed desires to step into the crypto-ecosystem, CNBC reports.
Another interesting fact that the survey has shown is that out of these crypto-interested firms, 70% said they were intending to trade cyber assets within the following 3-6 months, whereas 22% were looking into trading them during the time span of the next 6-12 months.
In the press release, Neill Penney, the co-leader of Trading at Thomson Reuters, said cryptos are beginning to conquer the financial services ecosystem:
"Cryptocurrency is still a relatively small part of the trading market, but this survey indicates this niche segment is starting to enter the mainstream of the financial services industry. This is a major change from a year ago."
According to Thomson Reuters, lots of companies which participated in the survey showcased a high level of familiarity with the realm of cryptos. To be precise, in the study took part over 400 firms in various trading spheres, which comprised:
- hedge funds
- large asset managers
- trading desks at the largest banks
The results of this survey on par with the announcement that Wall Street titan Goldman Sachs hired its first crypto-trader have triggered the growth of prices in the cyber assets market. This is the conclusion to which has come to the constitutor and top exec of BKCM Brian Kelly. In particular, he said that now everyone’s ready for the institutional funds to get piled into the market.
"In the last month, we have seen Goldman and Barclays publicly acknowledge they are planning to trade cryptocurrency. That has everyone on notice that institutional money is ready to enter the market. This should be very positive for prices," clarified Kelly.
As it was reported earlier, the “King of all cryptos” BTC skyrocketed to its April’s high of over $9,300 on Tuesday, as per data exposed on Coindesk. It seems that bitcoin is indeed recovering after losing 48% of its value within the first quarter of the current year.
There have been lots of reasons that caused the massive sell-off of not only bitcoin but cryptos on the whole. Among them, there are US tax obligations, regulatory contemplation, as well as tabooing of crypto-ads by Facebook, Google, Twitter and their counterparts.
In a statement aimed at customers, BKCM’s Kelly also forecasted that bitcoin could hit the rate of $12,000. It is also interesting that Kelly earlier supported VC tycoon Tim Draper’s prediction that this coin would skyrocket to $250,000 by 2022.