Brace For Impact: Wall Street Is Headed Straight For Bitcoin, Says Analyst

Best Owie

1 year ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Wall Street has previously not been at the forefront of bitcoin trading in the past. However, that looks poised to change. The approvals of three bitcoin ETFs in the past week have brought about more institutional interest in the digital asset and Wall Street brokers are starting to turn their attention to the cryptocurrency. The first Bitcoin ETF recorded trading volumes of over $1 billion on its first day. This success has not missed the radar of Wall Street.

Analyst Christopher Brendler sat down with Coindesk to talk about the future of bitcoin in Wall Street. According to Brendler, Wall Street brokers are getting increasingly positive about BTC investments. It is important to note that bitcoin has outperformed both the Nasdaq and the S&P year-over-year, as seen in a report from Wealthier Today.

Interested In Bitcoin And Mining

Brendler had previously collated data on how the bitcoin mining industry was being viewed by players in Wall Street. He found that brokers had a positive view of the industry in the short term. Brendler estimated that about 15% of Wall Street brokers from the payments side of things were beginning to take investments in the cryptocurrency more seriously. This number at been at a meager 5% of Wall Street brokers at the beginning of the year.

Interest has mostly grown due to the growth of bitcoin in the past year. The asset whose price had been below $30,000 at the beginning of the year had grown over 100% to a new all-time high in October.

BTC price suffers beatdown from $63K | Source: BTCUSD on TradingView.com

The asset itself has not been the only one to record tremendous growth in recent months. Mining stocks have also benefitted from the market rally. The report stated that mining stocks Marathon Digital and Riot Blockchain have seen growth up to 1,500% and 600% respectively in the past year, considerably higher than the 377% of BTC in the last year.

Institutional Investors Are Pouring In

Institutional investors have continued to pitch their tent with bitcoin. This has translated into more interest in the market from Wall Street brokers. Bendler noted some skepticism from these investors. However, they still remained bullish on the digital asset in the long term. “While most investors are still new to this area, there was also quite a few already involved and able to dig deep into our new coverage,” said Bendler.

As interest from Wall Street grows, it is expected that we will see more inflows in bitcoin. The money coming in will help to drive the price of bitcoin both in the short and the long term.

Bendler explained that the investors familiar with the market were bullish crypto miners. Although they erred on the side of caution when it came to valuation in the space. This has, however, not caused them to shy away from the space. With returns from the crypto market beating out traditional investment vehicles, it is only a matter of time before Wall Street is fully invested in the market.

Featured image from Ethereum World News, chart from TradingView.com

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.