Wall Street Getting into Cryptocurrency Makes BTC Price Go Up

Apr 10, 2018 at 17:53 // News
Author
Coin Idol
Wall Street is getting into cryptocurrency

Bitcoin had a tough start at the beginning of 2018, down 50% compared to the previous year. Bitcoin trading is going above $7,000 due to the recent news that two influential Wall Street firms have shown their intention to enter the cryptocurrency market.

"It is encouraging to see institutions with the historical track record of Soros and Rockefeller beginning to gain exposure to blockchain and cryptocurrencies," Anthony Pompliano, an American entrepreneur and investor, said in a recent interview.

"I anticipate more and more institutional capital will begin to pour in, hopefully leading to a more mature and sophisticated market," he added.

As reports about Wall Street joining the crypto market appeared, cryptocurrency exchanges started cryptocurrency trading in the green. For example, Bitcoin was trading at $7,047 for each coin, with 2.1 percent growth, according to Markets Insider data.

The Soros Fund Management, established by billionaire George Soros, is going to invest in crypto coins, even after the founder himself named the fintech a “bubble”.

Furthermore, Adam Fisher, a professional of macroeconomic investing for the Soros fund, has been given permission for cryptocurrency trading and investing, as Bloomberg News reported.

Fortune also recently reported that venture capital firm Venrock, founded by the Rockefellers, had decided to go beyond the traditional financial market to partner with a Brooklyn-based firm specializing in digital currency investments.