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Wall Street for bitcoin making abuzz, in a speech of an investor, Mike Novograztz shed some light on the new and evolving avenue of cryptocurrency investments which are now booming more for the institutional investors like Goldman Sachs and JP Morgan. Whilst Bitcoin has been around since 2008, we’ve been observing a paradigm shift in approach from the bigger investment companies.
This is despite certain banks being highly apprehensive towards the cryptocurrencies. In earlier 2017, JP Morgan CEO, Jamie Dimon went as far as to terming Bitcoin “a fraud”, now absolutely taking a back. In an interview with Fox Business, Mr Dimon said that he trusts blockchain as a technology behind BTC, is “genuine”.
With the interest of banks being turned in 2017, it seems that this year can be the time for the cryptocurrency to truly move towards institutional adoption. The turn of the year saw Bitcoin being traded on the stock market for the first time, which further served to legitimize the currency in the eyes of many skeptics. This set the tone for what was to come at the turn of the year.
Despite the value of most cryptocurrencies seeing a marked drop since the beginning of the year, from the perspective of institutional investors there has been no slow down whatsoever. This year so far, we have seen Goldman Sachs’s investigations come to fruition as they launched the first desk to allow the trading of Bitcoin futures.
This is a big step, as it now seems that the institutional trading of Bitcoin seems inevitable. Obviously, the banks are approaching this with caution and are not trading actual Bitcoins initially, however, it seems that it is only a matter of time until we will be able to purchase Bitcoins from banks.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 154 levels (bullish), while hourly USD spot index was at shy above 93 (bullish) while articulating at 14:07 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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