Meltem Demirors, Director of the cryptocurrency venture capital firm Digital Currency Group (DCG), predicts the cryptocurrency market to mushroom as the Wall Street bonus land on January 15, 2018.
Many experts believe “Wall Street follows the money,” it is conspicuous in the current scenario that no business sector can offer a return on investment such as the cryptocurrency space. The crypto space is about to witness more sudden spike and drops in the coming next 12 months collated to 2017.
“Get ready for an explosion,” says Demirors
According to Demirors, institutional investors will venture their bonuses on cryptocurrencies, alternative to traditional investments. On January 3, 2018, she tweeted “when wall st bonuses hit bank accounts on January 15, I imagine we’ll see a crypto buying spree of epic proportions.”
Speaking to Business Insider, Demirors expects a buying spree from Wall Street’s bankers once big year-end payouts releases. “Get ready for an explosion,” she said.
Over the past 12 months, some Wall Street executives have criticised the bitcoin and the overall cryptocurrency market. Although, some regret being a crypto critic. Recently, JPMorgan Chase CEO Jamie Dimon regretted labeling Bitcoin as “fraud.” Although, he still is not a fan of cryptocurrency.
Wall Street Buying Spree could Double Bitcoin price
Wall Street Strategist Tom Lee forecasts the price of bitcoin to double or triple in 2018. Lee spoke on CNBC’s Futures Now, said bitcoin could regain the $20,000 milestone by mid-2018 or earlier. “We think that by mid-2018, we’re going to be part of the way there, and that’s why we get [bitcoin to $20,000],” said Lee.
Several Wall Street bankers have warmed towards crypto space. Demirors only points how traditional investors would gamble their bonuses on cryptocurrencies. According to Bob Graham, cryptocurrency expert at Friedman, an accounting and advisory company indicates bonuses paid in bitcoins can attract talented workers. “The bitcoin bonus could be one of the methodologies in recruiting better talent into your organization,” said Graham.
Wall Street may promote traditional investments, but it can’t avoid ignoring the crypto mania.
Will forthcoming Wall Street bonuses reflect on the crypto market?