Wall Street’s largest banks have moderated their cryptocurrency ambitions

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Wall Street’s largest banks have moderated their cryptocurrency ambitions
2018-12-26 in BITCOIN

The leading financial institutions, including Goldman Sachs, Morgan Stanley, Citigroup and Barclays, have somewhat moderated their optimism about the prospects for Bitcoin-based products. It was reported by Bloomberg.

Thus, the head of SolidX Daniel Gallancy is convinced that amid the HYIP, the market participants were too optimistic about the likelihood that the largest financial institutions, one by one, will start entering the new industry.

“The market had unrealistic expectations that Goldman and similar companies would suddenly start a business related to Bitcoin,” – he noted.

The Morgan Stanley initiative related to the launch of total return swaps tied to bitcoin futures has also stalled. Until now, this bank holding has not launched trade in these contracts. He postponed plans to launch cryptocurrency products and the financial conglomerate Citigroup.

Many experts are convinced that the current state of affairs is mainly due to legal uncertainty, insufficient regulation of the industry, as well as little interest in digital assets from institutional investors.

At the same time, such giants as the New York Stock Exchange, Fidelity and TD Ameritrade, are actively working to build a powerful infrastructure for working with cryptocurrencies. As the demand from the institutionalists increases, the latter will provide an opportunity to launch many products based on digital currencies, analysts at The Block are sure.

Earlier, representatives of the financial holding JPMorgan announced about the decline in institutional interest to Bitcoin.

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  • tetherTether$1.00
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