The cryptocurrency markets are passing through what seems to be a torrid time of late. Cardano founder Charles Hoskinson is confident that all this might change very soon. He was referring specifically to the institutional investor market or Wall Street, which would bring ‘tens of trillions of dollars’ to the crypto space.
“What’s often missed by the cryptocurrency is going to die broken record media is that after the next wave of regulation, wall street is showing up to the party with all their locked-up capital. That’s tens of trillions of dollars entering the space eventually. Future is bright”, Hoskinson tweeted.
Cardano is currently in 8th position on Coinmarket cap and has a total market cap value of around $3.5 billion. It is currently trading at the $0.13 level which is considerably down from its all-time high although a rebound could be in sight in the not too distant future. It is intriguing to note that Hoskinson was one of the founding members of Ethereum alongside Vitaly Buterin and also created the crypto startup Invictus Innovations and IOHK.
The intertwining of cryptocurrency and Wall Street has been welcomed by those who also see a potential influx in capital. In mid-May, cryptocurrency wallet and exchange Coinbase released a new suite of products designed to attract institutional investors by relieving security and regulatory compliance concerns. Speaking about the product release, the VP of Coinbase referred to “$10 billion” of Wall Street money that now had the potential to enter the market. So far there has been none of this although several commentators have been mentioning this possibility for some time.
The “trillion” value has also been mentioned several times before, as Dan Morehead, CEO of $1 billion crypto hedge fund Pantera Capital said in April that a $40 trillion crypto market is possible, in part due to Wall Street’s increasing interest in clearing crypto trades. Fundstrat owner Tom Lee is also repeatedly making claims that the price of Bitcoin could reach a quarter of a million dollars by 2022.
Jay is pretty interested in the crypto space. He’s written for several publications on the topic and has lots of ideas on how the world can be made a better place with blockchain technology. He’s also a fintech journalist with some years of experience and enjoys writing about new startups, ICO’s as well as any other intriguing news that catches his fancy.