“More profound” talk of institutional investment led to Bitcoin (BTC) recovering over $600 USD of value?
Coinbase VP and GM Adam White recently went on CNBC’s Fast Money where he discussed various crypto related topics with the hosts. With his exchange announcing that it has taken 5 new coins into consideration as additions to its portfolio, the topics were aplenty, but the discussion mostly focused on institutional money looking to move into the crypto space.
White acknowledged that with or without institutions, cryptocurrencies have a set up a solid ground already.
“What’s so unique about cryptocurrencies, and in many ways this asset class, [is that it] was driven by retail investors — not institutions,” he said.
With that in mind, he confirmed that there has definitely been an increase in interest from institutional investors throughout the past, claiming that it was sort of a surprise to his platform how intense this interest was.
“Institutional conversations have become more and more profound,” White said. To respond to the increased demand from these new sources, Coinbase has opened a New York office and launched new products and services. He admitted that this won’t be enough for the future, as the company will need to comply with various regulatory guidelines before being allowed to accept large amounts of institutional money.
“Those are the exact things Coinbase is working on,” confirmed White, while acknowledging that breakthroughs in this area won’t happen overnight. He further expanded on this:
“What we’re seeing though, with institutions, is that they want absolutely the right regulatory structure around it.”
And that regulatory backing is coming, especially if we remember that Coinbase just yesterday confirmed that it received all the licenses required to start legally trading securities. White confirms the company’s intention to take things relatively slowly:
“We have a long-term vision for space. And we are focused on building the exchange, the wallet, the custodian, that allows capital to move into space.”
It seems like the capital is indeed moving in, as the total crypto market cap managed to increase by 20 billion USD in a couple of hours today. The price smashed through the resistance at 6800 and kept going against all laws of TA before stopping just below 7400 USD, gaining more than 600 USD in the process. With talk of massive venture capitalists and investors looking to invest in the space getting stronger by the day, it seems like we could see a lot of similar price action in the near future.
