Soul torture: Is Bitcoin or Bitcoin "Writing" on Wall Street?
The influx of institutional traders may not benefit Bitcoin. This is the view of Meltem Demirors, chief strategy officer of asset management firm CoinShares.
Wall Street and untraded bitcoins
On October 18, Demirors said in an interview that Wall Street's participation in bitcoin trading is not a win-win strategy that can drive popularity.
Many commentators believe that large financial institutions will increase their focus on Bitcoin, which will change the global image of Bitcoin. Bakkt's compliant bitcoin futures and other products launched in September this year indicate that the company wants to cater to institutional investors' needs.
Grayscale , the world's largest crypto asset management company, revealed this month that demand is still strong throughout the year.
However, Demirors is more skeptical about this:
“If we take 50% of the world's bitcoin and hand it over to a compliant custodian… we put these bitcoins in a vault and then issue bitcoin depository vouchers, we can pass this vouchers Trading Bitcoin without the need to transfer the currency in the vault, but we have never traded Bitcoin on the Bitcoin network, is Bitcoin still Bitcoin?"
"We are also the creators of the problem"
At the end of last month, Bakkt's opening performance was slow, and the Bitcoin market plunged a few days after its contract was launched. However, after three weeks on the line, its contract trading volume reached a new high , soaring 3100%.
Demirors dismissed the interest of financial experts in the field of bitcoin, calling them "real role-playing."
CoinShares may also help with this phenomenon. She added:
“As an asset management company, we also have a responsibility for this issue.”
Still, for those interested in commodities and safe-haven investments, she admits that Bitcoin is now the best choice after gold.
“I think Bitcoin is digital gold, a digital analog version of gold.”