‘The Most Profitable Market of All Time:’ Nasdaq Endorses Cryptocurrency as Institutions Get Involved
Nasdaq CEO Adena Friedman has once again reminded everyone that the cryptocurrency market is legit — too legit to quit, even — as institutional investors have already begun to enter into the future of finance and technology.
An Endorsement from Nasdaq
Looking for someone to make a case for cryptocurrency’s future? Look no further than Nasdaq CEO Adena Friedman. The major figure in the world of finance explained in an interview with CNBC yesterday:
I believe that digital currencies will continue to persist…it’s just a matter of how long it will take for that space to mature. Once you look at it and say, ‘do we want to provide a regulated market for this?’ Certainly, Nasdaq would consider it.
Nasdaq has already dipped its toes into the world of cryptocurrencies, announcing yesterday its plans to collaborate with the Tyler and Cameron Winklevoss’ digital asset exchange, Gemini. It is also partnered with the San Diego-based ETF firm, Reality Shares, which plans to launch a pair of blockchain-related funds before the end of June. Reality Shares CEO Eric Ervin told Forbes:
If you were to rank interest in cryptocurrency on a scale of zero to 10, Friedman would be a six. She would help get the SEC comfortable with cryptocurrency trading. She would not passively wait for them to get on board. If the SEC wanted her opinion, she would give it a thumbs up.
‘The Most Profitable Market of All Time’
Afraid you’ve already missed the Bitcoin boat? Don’t worry — you haven’t. As correctly noted by Forbes, “This is maybe the second inning of the long cryptocurrency game.” Ziad Abdelnour, President and CEO of New York-based investment firm Blackhawk Partners agrees, explaining:
If you think it’s too late to participate in what could be the most profitable market of all time, you are dead wrong. The industry is still in its infancy despite the explosive growth over the last year. There are hundreds of cryptocurrencies available — the trick is finding those that have the best odds of becoming viable long term.
Abdelnour thinks the comments from Nasdaq’s CEO are indicative of the times. Everybody is getting on board — if not with cryptocurrencies, than with their underlying technology. Abdelnour explained:
The technological innovation at the heart of these currencies, the blockchain, is revolutionizing how business is conducted. Dozens of major banks and money management firms have pending projects in this space, including Citi, Credit Suisse, UBS, and MetLife.
Earlier this week, Bitcoinist reported that Goldman Sachs has hired cryptocurrency trader Justin Schmidt. Last week, we reported that Barclays is considering the possibility of opening a cryptocurrency trading desk. Furthermore, 1-in-5 financial firms are reportedly ready to start investing in cryptocurrency.
With Bitcoin and other cryptocurrencies only becoming more and more legitimate, the future is certainly looking bullish.
Where do you see for the cryptocurrency market in 2018 and beyond? Let us know in the comments below!
Images courtesy of Bitcoinist archives and Pexels.
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Written by Adam James @ http://bitcoinist.com/the-most-profitable-market-of-all-time-nasdaq-endorses-cryptocurrency-as-institutions-get-involved/ April 27, 2018 Adam James