Cryptocurrencies Are Taking Over Wall Street – 1 in 5 Financial Institutions are Looking to Invest

Cryptocurrencies Are Taking Over Wall Street – 1 in 5 Financial Institutions are Looking to Invest

According to a survey performed by Reuters, 20% of the world's financial institutions are considering cryptocurrency investments. With Goldman Sachs and Barclays leading the way, the development could happen quickly.

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On Tuesday, Reuters published a survey they had performed with their clients regarding cryptocurrency investments. The result of the survey showed that one out of five firms are looking to invest in cryptocurrencies within the next 12 months. Out of the 20% percent that have shown an interest, 70% are planning to invest within the next 3 to 6 months, and 22% are looking to invest in the coming year.

Goldman Sachs and Barclays are currently leading the movement with Goldman Sachs having filled one major cryptocurrency management position just in the past week.

“In the last month we have seen Goldman and Barclays publicly acknowledge they are planning to trade cryptocurrency. That has everyone on notice that institutional money is ready to enter the market,” Brian Kelly CEO of BKCM told CNBC.

Huge News For the Market

If 20% of the financial institutions actually end up investing in the cryptocurrency market, we can expect to see major growth in the coming months. The growth will most likely be quick since banks and hedge funds tend to invest millions of dollars at a time.

It is yet to be seen how and when we will start seeing results from this change, but it has the potential of taking the market to the next level. Also, considering that banks will make the investments, we can expect to see most of the money being pumped into larger digital assets like Bitcoin, Ethereum, and Ripple.

If 2017 was the year private investors drove the cryptocurrency market, 2018 will be the year where the financial world will further establish the role of cryptocurrencies in society.

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