Founder of the BKCM digital asset fund and contributor to CNBC’s Fast Money, Brian Kelly, has stated on the same program that he sees Wall Street becoming a major factor in crypto market popularity as new institutions come on board.
Kelly maintains that the addition of the New York Stock Exchange (NYSE) and Goldman Sachs to the crypto status quo will cause the market to surge, according to CNN.
It was reported elsewhere that the parent company of the NYSE, the ICE exchange, is not simply launching a futures market as suggested, but a Bitcoin exchange which would trade in the standard way where customers can buy, store and sell Bitcoin.
“The parent company of the New York Stock Exchange has been working on an online trading platform that would allow large investors to buy and hold Bitcoin, according to emails and documents viewed by The New York Times,” the New York Times reported.
Kelly commented that he was “shocked” when the market didn’t “surge” at the recent announcement by NYSE, maintaining that customers had missed out on an important element that ICE would offer a custody solution. He also noted that this development by NYSE’s parent company demonstrated the emergence of cryptocurrencies as an asset class, allowing for institutional investors to invest in the cryptocurrency market. He commented:
“[The] physical delivery of Bitcoin… means that ICE has a custody solution. That has been the big hurdle. How do you hold onto these assets? These are generally bearer instruments… and so you have to have a third-party custody person. That’s the big deal, they have come up with a custody solution for institutional holders.”
ICE, as yet, have not confirmed if it plans to build an in-house cold storage solution, something usually only offered to small companies. It has been suggested that if institutional investors were to enter the cryptocurrency market with huge capital, this would accelerate it into a multi-trillion dollar market.
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