Crypto Pioneer Welcomes Goldman Sachs, Claims It Could Boost Bitcoin
Over recent months, Blockchain.com, Coinbase, and CoinList have all announced the loss of Wall Street veterans, slated to help the startups in their foray into the institutional side of the crypto coin. But, startups in this space seem to be poised to welcome financial institutions into the Bitcoin (BTC) realm with open arms. BitGo chief executive Mike Belshe, for instance, funds, two from Fairfax County, Virginia to be specific, have also started to “get off zero,” as Anthony Pompliano of Morgan Creek Digital would say. The state’s police force and government employee pension plans recently led a fundraising round for Morgan Creek’s latest venture, a $40 million fund centered around garnering equity in leading upstarts, like Bakkt, Coinbase, and Harbor, and allocations in physical cryptocurrencies.
In spite of all this, there’s still a ways to go. Case in point, effectively none of Wall Street’s biggest names have active investments in cryptocurrencies, in spite of the sentiment that not holding Bitcoin would be irresponsible, due to the asset’s asymmetric risk/return profile.
But, Galaxy Digital chief executive Mike Novogratz is convinced that eventually, the herd will show up in full force. In a Twitter quip, Novogratz, a former Goldman Sachs partner, noted that while institutions are slow to move, they are coming, especially due to the amount of work that is being done “under the hood.” Just look to Fidelity’s upcoming platform and Bakkt’s purported integration with Starbucks as proof of this work. Oh right, and don’t forget the fleshed-out hearsay that Facebook is looking to launch its own digital asset in the coming months.
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