Wall Street Banks will follow Goldman Sachs initiative regarding opening a Bitcoin trading firm, says Spencer Bogart, a blockchain venture capitalist at Blockchain Capital, reported CNBC on May 4.
“That’s what a lot of banks do, follow what Goldman does,” he said.
Bogart believes that the increasing number of cryptocurrency exchanges such as Coinbase can have a major impact on Wall Street firms.
“Most of these banks have heard about the numbers or seen the numbers that companies like Coinbase and Binance are putting up. There’s a real risk that some of those companies could overtake some of Wall Street’s biggest banks if they don’t get in the market.” – Spencer Bogart
The blockchain venture capitalist also thinks that big Wall Street banks are beginning to show an interest for cryptocurrency, which is “definitely a big step” for the market.
He expressed that “way more people will be newly buying bitcoin for the first time,” in the next 5 years.
“This market is so large you can’t ignore it anymore,” Bogart mentioned. “Now we’re seeing large banks roll out trading desks.”