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Senior analyst at JPMorgan said in December 2018 that institutional investors may not enter crypto space due to extreme volatility in digital asset prices.
He now thinks markets are stabilizing and that institutions could start taking interest in cryptos.
Nikolaos Panigirtzoglou, senior analyst at JPMorgan has said that companies will again start taking interest in cryptocurrencies - if the market continues to remain stable.
Panigirtzoglou, a former economist at the Bank of England, had claimed in a report published in December 2018 that financial institutions were not looking to invest substantially in cryptoassets due to their volatile nature. However, the digital asset market is stabilizing which could “set the stage for more participation by institutional investors”, Panigirtzoglou recently argued.
His comments came during an interview featured on CNBC’s “Futures Now” in which he noted that:
The cryptocurrency market was a new market. It went through a bubble phase [and] the burst.
Could Take Several Years Before Cryptos Reach Mainstream
Panigirtzoglou believes the digital asset industry is gradually maturing and that more firms will start re-entering the nascent ecosystem as crypto and blockchain-related technology continues to improve. However, the London School of Economics and Political Science (LSE) graduate stated that it could take several years before cryptocurrencies reach mass adoption.
According to Panigirtzoglou, the crypto ecosystem needs a proper regulatory framework so that investors begin to feel confident about making investments in cryptoassets. He remarked:
The big obstacle is regulators right now … [and regulatory guidelines have been a] bit slow to realize.
On February 1st, 2019, Michael Novogratz, a former partner at Goldman Sachs and the CEO of Galaxy Digital Holdings Ltd, a New York-based firm focused on the digital assets industry (ticker: GLXY), had said that he was “confident” that cryptocurrency prices would recover.
Expressing views similar to those shared by Panigirtzoglou, Novogratz had advised his followers via Twitter to “stay the course.”
Institutions Are Slow "To Move"
Novogratz also thinks digital asset prices won’t recover anytime soon. The former hedge fund manager has predicted that it could take several months before we potentially begin to enter the next bull market. Having worked with Wall Street firms for many years,
Novogratz explained that institutions take time “to move”, however he was confident that more big players would enter the crypto space.
Although it is difficult to accurately predict if and when the crypto market will rally again, Novogratz claims there’s plenty of development of work going on “under the hood.” Meanwhile, an anonymous trader, who reportedly earned over $200 million from trading ether (ETH), stated in a recent interview that he thinks “big players will [eventually] enter” the crypto market.
The experienced trader and early bitcoin adopter noted that the “next bitcoin block reward halving will serve as an additional trigger for growth.”
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In a soon-to-be-published interview, Securities and Exchange Commission (SEC) Commissioner Robert J. Jackson Jr. has recently revealed he expects a Bitcoin Exchange-Traded Fund (ETF) to “eventually” be approved, as a proposal is set to satisfy all of the regulator’s requirements.
According to a tweet published by Adjunct Professor at NYU Stern Drew Hinkes, Jackson believes it’s a matter of time until a Bitcoin ETF is approved. He was quoted as saying:
Eventually, do I think someone will satisfy the standards that we’ve laid out there? I hope so, yes, and I think so. Getting the stamp of approval from the deepest and most liquid capital markets in the world is hard, and it should be. Once we make it available to everyday mom and pop investors, we are taking risks that Americans can get hurt.
Jackson’s comments back the SEC’s motives to have rejected various Bitcoin ETF proposals in the past. These are related to the cryptocurrency ecosystem’s liquidity, potential market manipulation, and custody concerns.
As covered, the SEC has rejected back in August of last year nine Bitcoin ETF proposals from ProShares, Direxion, and GraniteShares. These proposals were based in Bitcoin futures rather than being backed by “physical” Bitcoin.
The VanEck-SolidX Bitcoin ETF, which was withdrawn last month over the US government shutdown and quickly resubmitted again, is backed by “physical” Bitcoin. While the published interview excerpt doesn’t refer to this proposal, it does refer to the rejected Winklevoss Bitcoin ETF application. The SEC’s decision, at the time, stemmed from their inability to prevent fraud and market manipulation.
Commenting on it, Jackson noted that it wasn’t a difficult case, as the risk for manipulation was “enormous.” He stated:
The case that we had last year involving the Winklevoss trust, in my view, was not a difficult case. So there you had a situation where the risk for manipulation and for people getting hurt was enormous. The liquidity issues in the market were very serious.
Earlier this year Bitwise Asset Management filed another Bitcoin ETF application with the SEC, after being rejected last year. According to some analysts, an ETF will help institutional investors enter the crypto space, which would presumably lead to a rise in prices and liquidity.
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The Central Bank of Iran has presented an early regulation draft om cryptocurrencies, the news agency Al Jazeera reports.
The presented draft, according to Al Jazeera, recognizes and authorizes cryptocurrencies like bitcoin, central bank digital assets and so on. The bank reportedly authorizes initial coin offering (ICO), digital wallets, crypto exchanges, and mining operations even though it’s still keeping the ban of crypto payments.
"Using global cryptocurrencies as methods of payment inside the country is prohibited," Al Jazeera cites bank’s statement.
In addition, Iranians may hold in cryptos not more than 10,000 euros.
Earlier, Secretary of Criminal Content Definition Task Force, Javad Javidnia, said that any cooperation with the Telegram’s upcoming crypto Gram in Iran will be classified as "a disruption to the national economy."
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A Chinese media outlet, PANews recently carried out a survey in which it evaluated the responses of 4,200 people. The survey was regarding their inclination towards crypto assets and was routed through a crypto-friendly media outlet 8BTC.
Following the survey, it concludes that 98.22% of those surveyed were aware of cryptocurrency technology. Among the respondents, 40% have expressed that they are willing to invest in cryptocurrencies sometime in the future. Meanwhile, some of them also indicated a skeptical vibe regarding the cryptos. The survey shows that 63 percent of the population said that that there was no requirement for crypto in terms of payment.
Plus, only 22.2 percent of the individuals have heard about the concept of blockchain-powered tokens. While 14.6% of those surveyed have made a capital allocation within the crypto space.
Reportedly, the lack of infrastructure in China might be the reason behind the skepticism regarding crypto. Chinese consumers seem hesitant to step into the crypto market perhaps due to the rise of China’s social credit system, which punishes those for breaking laws, however civil or criminal. Also, the majority Chinese respondent didn’t consider cryptocurrencies as a viable medium of payment.
Interestingly, most of the crypto buyers were in the 19-28 age range, who were investing anywhere between 10,000 to 100,000 yuan. Notably, the Chinese government recently published its latest ranking of cryptocurrencies. In the ranking, Bitcoin positioned at 18th place and EOS at the top. Ethereum holds the second place, being the third largest cryptocurrency.
Back in November, former United States Congressman, Ron Paul conducted a survey on Twitter, in which 94,894 votes were counted favoring Bitcoin over more traditional forms of money. One more survey occurred in Germany that unveiled that over-one third of big German businesses consider blockchain as revolutionary as the internet. The Chinese government has recently become stricter against the crypto space, increasing scrutiny over this technology. On this, a Hong Kong-based trader, Charles stated that while the government’s step to ban crypto-related social media channels and physical events may sound harsh, especially considering free speech rights, in reality, China remains one of the world’s most liquid OTC-based cryptocurrency markets.
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Given that the next generation of investors will come of age having been immersed in the digital world from infancy, many Crypto advocates believe that bitcoin or another cryptocurrency asset could one day function as “digital gold,” providing people with an easy-to-access hedge against market uncertainty and central banking malfeasance.
Gold Sees Resurgence as Crypto, Stocks Falter
But though bitcoin — this year’s crash notwithstanding — ranks as one of the top performing assets of the past several years, it remains firmly in the price discovery phase and consequently serves primarily as a speculative financial instrument rather than a true store of value.
Bitcoin (blue) has provided long-term hodlers with astronomical returns over the past half-decade, but it has also been wildly volatile relative to gold (red), as demonstrated by its performance in 2018.
Today’s investors, much like their ancestors, still turn to gold and other precious metals when faced with economic uncertainty. Google search data reveals that this remains the case, even as a growing cohort of investors signal that bitcoin is their asset of choice for long-term hodling.
Both Google searches for “gold” and the gold price itself have increased throughout the fourth quarter amid mounting concern over the near-term direction of the stock market following a prolonged bull run that may be finally running out of steam. Stocks made a historic recovery on Wednesday, but futures slipped after the market close, suggesting that investors haven’t seen the last of the downturn yet.
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The United States-based cryptocurrency exchange Kraken has added Bitcoin Cash and Ripple to its margin trading services. Margin trading function allows the users to trade with the funds which they do not actually possess. Margin trading leverage the users’ accounts. It can not only lead to greater profits but also can amplify losses.
The exchange is already offering margin trading services to six cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Monero (XMR), Augur (REP), and Tether (USDT). After adding Bitcoin Cash (BCH) and Ripple (XRP) the service will be available for total eight cryptocurrencies. According to the exchange,
The borrowing limit will depend on the verification level of the account. Yesterday the exchange posted a blog on its website regarding the details of the new launch. According to the blog, for different currency pairs, the available leverage amount is different. You can check the details in the blog. Margins open fee is 0.02% while rollover fee is 0.02% / 4 hours.
In the blog, the exchange also warned its users about the danger of high-risk margin trading. According to the exchange, if unrealized losses are huge, the margin positions can be forcibly closed to protect the funds which users have borrowed to open the positions. It means the users can be forced to take a large loss on trade rather than waiting for a much favorable price. The exchange recommended maintaining a healthy account balance to back margins.
The exchange also requested the users to take time to fully understand the margin trading and how it works so that the users can know about the risk involved with margin trading. The users can also clear their doubts via Kraken’s knowledge base or support center.
