Goldman Sachs says Bitcoin is on the path to maturity
Analyst Jeff Currie believes more institutional money is needed to stabilize the market.
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In an interview with CNBC, Currie said Bitcoin’s remarkable run has attracted greater institutional interest, but noted that smart-money investors are still a tiny fraction of the overall market. They will need to come in droves for Bitcoin to become a stable asset and avoid a flash crash like we saw earlier this week, he said.
“I think the market is beginning to become more mature,” Currie said of Bitcoin, adding that “volatility and those risks that are associated with it” are common for nascent assets.
He continued:
"The key to creating some type of stability in the market is to see an increase in the participation of institutional investors and right now they’re small [...] roughly 1% of it is institutional money.”
Some of Wall Street’s biggest names have thrown their weight behind Bitcoin over the past year. Legendary investors Paul Tudor Jones and Stanley Druckenmiller have already invested in the digital asset, and firms like MassMutual and Ruffer Investment Company have acquired sizable positions in BTC.
Last month, Anthony Scaramucci’s hedge fund, SkyBridge Capital, submitted an application with the Securities and Exchange Commission to launch a new Bitcoin fund.
That’s on top of the tens of billions invested by MicroStrategy, Grayscale, PayPal and Square combined.
Source: https://cointelegraph.com/news/goldman-sachs-says-bitcoin-is-on-the-path-to-maturity
