A top financial analyst has predicted Wall Street will dominate cryptocurrencies. He goes on to add that it might not be what true cryptocurrency believers would have wanted since they hoped the dawn of virtual currencies might spell the end for traditional financial systems but it might be inevitable.
Matt Levine who is a former investment banker at Goldman Sachs was commenting on news that Barclays Plc was experimenting with introducing cryptocurrency trading desks. By doing this, Barclays will be joining Goldman Sachs and together they will be pioneering a new business on wall street.
Already there are signs that Wall Street will dominate cryptocurrencies. The number of hedge funds that are offering bitcoin futures is growing every day.
These hedge funds are eager to find suitable banks that can handle transactions involving virtual currencies just like prime brokers do with securities. These banks can serve the role of custodians of virtual assets.
One of the biggest obstacles some money managers have faced when trying to expand into cryptocurrencies is the rules that stop them from dealing with unregulated exchanges to trade and also hold investments. Matt believes that the role of a banks trading desks is to help its customers to trade any financial stuff that they want to trade. Read more from crypto-lines.com…
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