2018-10-23 13:59 |
The cryptocurrency market is highly volatile and has gone through several problems this year. The bear market that started in January has continued for 10 months straight. A large number of crypto enthusiasts, therefore, are waiting for deep-pocketed institutional investors to bring the prices up with their heavy buying power. Now CNBC’s Brian Kelly is predicting that the “institutional herd” could enter the market by Q1 2019.
Fidelity Could Pave the Way for Institutional InvestingThe CNBC commentator and CEO of BKCM has been a staunch crypto bull in the face of the deep fall in crypto prices this year. Though his outspoken advocacy for digital currencies has since been watered down, he maintains that cryptocurrency could overturn its fortune.
Speaking at the Power Lunch segment at CNBC, he said that Fidelity Investment’s foray into the crypto sector to enable institutional investments via its new company, Fidelity Digital Asset Services (FDAS), is a welcome move for the crypto community. He called the decision by Fidelity “fantastic news.” The Boston-based asset manager announced its move last week.
Kelly suggested that legitimate cryptocurrency custodial services are the real deal in FDAS’ plans. It will enable family offices, endowments and hedge funds to pour millions of dollars into the crypto industry.
The Institutional Investors Are Coming for GoodKelly noted that the entry of known endowments in the crypto space may ignite “institutional FOMO,” and this will be a crucial catalyst behind the next bull run in the crypto market. He was referring to the latest move by Yale University endowment’s investment into Paradigm, which raised over $400 million in total. Reports suggest that MIT, Stanford, and Harvard could also be seeking a similar investment.
Kelly added:
“I can just tell you from the conversations we’ve had for our crypto hedge fund, that herd is starting to enter this market.”
He also said that mainstream companies like Vanguard could “have something working in the background” by Q1 of 2019.
He went on to say:
“Fidelity’s in it. Also remember, some of the startups like a Robinhood app, they launched crypto and got a million users in four days. So if you are at Schwab or you’re at E*Trade, you look at that and say, ‘Hey, you know what? Where are the customers. They’re there. We have to offer this product.”
Institutional Herd Will Arrive in Crypto by Q1 2019: Brian Kelly was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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