While everyone else is looking at the red flags and some are even panic-selling their Bitcoin, Charles Hoskinson, a co-founder of Ethereum, said the “future is bright“.
It may seem outlandish to think that the cryptocurrency markets will experience another intense boom, but the “tens of trillions of dollars” that Hoskinson is referring to may very well exist.
The attitude on Wall Street so far seems to be warming up to the market for digital coins after Goldman Sachs (NYSE:GS) opened up a Bitcoin trading desk for its clients and, just as Blockchain Capital predicted, other companies begin to join the party.
As soon as regulation becomes clearer, we may very well see other major institutions begin to offer other options on Bitcoin, Ethereum, and maybe even Litecoin or Monero.
We’ve already seen CME and CBOE both offer futures contracts on Bitcoin and push for other types of instruments, namely ETFs, with the SEC.
Speaking of the SEC, more good news came from the organization this month as it declared that Bitcoin and Ethereum wouldn’t be regulated as securities. Although the ICO market is still a confusing mess as far as the SEC is concerned, there is no doubt by the organization that Bitcoin and Ethereum are unequivocally not in its purview.
We also cannot forget the fact that the market for Bitcoin and other cryptocurrencies is dirt cheap right now due to the recent crash. Given a little more regulatory clarity on these assets, a perfect storm could brew that would inject a significant amount of capital into the ecosystem as a whole.
Only time will tell us whether Hoskinson was right with his market prediction. However, Wall Street does follow the money, and even naysayers might find reasons to backpedal.