Is Wall Street Now on Board with Cryptocurrencies

Wall Street

It wasn’t that long ago that Wall Street big names like Jamie Dimon were slamming Bitcoin and Cryptocurrencies. Just last year Dimon referred to Bitcoin as a fraud. He would later state that he regretted that statement and characterization about cryptocurrencies. It was also quite telling when a few months later JP Morgan was offering CME Bitcoin Futures to their clients.

Now it appears that the rest of Wall Street is on board and believes that Cryptocurrencies have a real future. The Parent company for the NYSE the ICE is already making plans for its crypto exchange. Nasdaq has also indicated interest in having its version of a crypto offering. The announcement by Goldman Sachs that they have set up a Cryptocurrency desk was probably the announcement with the most significant impact. Whenever Goldman Sachs announces something the rest of Street tends to follow.

There are still those that represent the old guard of Wall Street like Warren Buffet and Charles Munger that have been outspoken critics of Cryptocurrencies and especially Bitcoin. On a recent CNBC interview, Munger referred to Bitcoin as “Worthless Artificial Gold.”

There are those Cryptocurrency purists that are not on board with Wall Street’s participation in cryptocurrency trading. They feel that Bitcoin and cryptocurrencies were created to avoid banks and Wall Street firms altogether and fear that trading costs would go up and there would be less transparency than we see in the decentralized exchanges today.

There are some who feel that Wall Street might be getting its cue from regulators. It would be hard to imagine that all of these projects would be announced if they haven’t at least cleared the regulatory hurdle. Perhaps regulators are looking for a way they can better police cryptocurrencies.

It will be fascinating to see how the crypto world gets along with Wall Street and how successful Wall Street is with the Cryptocurrency market.