‘Wall Street Adopting Crypto Will Lead The Market To Surge’, According To Brian Kelly

There are many traders and investors who are confident in Bitcoin’s future – especially in 2018, after the leading cryptocurrency managed to recover from its rock-bottom scenario. Brian Kelly is one of the most prominent cryptocurrency traders and a contributor to CNBC’s Fast Money. Recently, he stated that the adoption of Bitcoin by Wall Street’s largest banks and financial institutions such as the NYSE and Goldman Sachs will eventually lead the cryptocurrency market to surge in the short and mid-term.

Kelly’s predictions were stated in his own show Fast Money on CNBC. They come as a result of the adoption of a Bitcoin exchange by NYSE‘s parent company ICE Exchange – and the leap forward taken by Goldman Sachs in a similar scenario.

“The parent company of the New York Stock Exchange has been working on an online trading platform that would allow large investors to buy and hold Bitcoin, according to emails and documents viewed by The New York Times and four people briefed on the effort who asked to remain anonymous because the plans were still confidential,” the New York Times reported.

Kelly also touched the current state of the cryptocurrency market, claiming that while he is “shocked” that it is still volatile (with NYSE, Goldman Sachs and other value-based events happening recently), there is still a hurdle for ICE Exchange and other things that must come to a solution.

As he stated:

“I’m actually a bit shocked that the market did not pick up on this. Dominic Chu of CNBC said that investors will get physical delivery of bitcoin. That doesn’t sound that interesting except for the fact that it means ICE Exchange has a custody solution. That has been the big hurdle. How do you hold onto these assets. These are generally bearer instruments, just like gold bearer bonds. That’s the big deal. They have come up with a custody solution for institutional holders,”

The development of a Bitcoin custody solution by ICE Exchange signifies that cryptocurrencies are now an inevitable part of the world – and they are an emerging asset class, according to Kelly.

“Finally, it opens the door for pensions and endowments. Up to this point, it has been very difficult for them to get comfortable compliance wise in holding cryptocurrency. If ICE has a custodian solution that is SEC compliant, that’s going to open the floodgates,” Kelly concluded.