It’s no surprise that there has always been heated debates and speculations related to cryptocurrencies. There are leading market gurus who have good things and there are few others who have bad things to say about the digital currency. The Web Summit of 2018 raised several such questions to market biggies and one such person was Fintech executive Nikolay Storonsky.
He believes that cryptocurrency has a bright future and that Fintech will play a very big role for crypto. He is also the CEO of a London-based startup, Revolut that offers cryptocurrency trading. According to his statement, the crypto market will not gain traction unless big institutions start investing in it. If these market giants in investment and hedge funds move into the crypto world, the banks will also move in and create a digital ecosystem. Until then, he asserts that crypto will be eyed as a secondary, upcoming option. His claim comes despite that fact that Wall Street powerhouses such as Goldman Sachs and Fidelity are in the process of building financial frameworks for institutional investors and retail traders to help them invest in the crypto market.
Recently, Larry Fink, CEO of BlackRock confirmed that there are no plans for them to launch a bitcoin ETF until the crypto industry is legalized and supported by the government. This is because they as a trillion dollar asset managing company should have a sense of where the money is going. On the contrary, Novogratz, CEO of Galaxy Digital Capital Management believes that Bitcoin will rise again and skyrocket to a $20,000 mark in 2019. And as per him, one of the major push to support this rise will come from institutional investors.