Bitcoin and Wall Street have had a rocky relationship. Wall Street hasn’t really been the most supportive of the crypto, and understandably so. Wallstreet investors have been on the fence for bitcoin ever since the crypto started getting traction from consumers. Wall Street investors have called bitcoin a Ponzi scheme, as well as a threat to the dollar, however, despite their continuous efforts, bitcoin still survived and is now one of the biggest investment assets on the planet.
One of the biggest hurdles to Bitcoin’s adoption has been its complexity. Bitcoin isn’t the easiest currency to use. It is hard for the average consumer to acquire Bitcoin while they’re living their daily lives. Also, the incentive to purchase Bitcoin falls due to how little it can be used with respect to regular cash and credit card transactions. This made folks at Wallstreet to despise bitcoin, who thought it too complex for the average user.
One of the possible reasons for Wall Street’s animosity towards Bitcoin is the idea that many of the naysayers haven’t really delved into Bitcoin enough to form a valid opinion. While it’s true that they are well versed in all other forms of economy, can they really form an opinion that can act as a base for your own opinion? Before they should use their platform to put down the currency, they should give it a shock.
However, in recent times, Wall Street has become more lenient towards the crypto, going so far as to sink their own toes into Bitcoin. The previous attitude of the big players over at Wall Street, that is, to “ignore and it’ll go away”, is slowly changing.
Goldman Sachs, an American investment and banking company, stated back in May of 2018 that they planned to open a Bitcoin trade center. However, when the price of Bitcoin declined in August of the same year, they were quick to express their disapproval, stating they weren’t sold on any virtual currency.
The fact is, Bitcoin is a high-risk high reward type investment. Being volatile and completely unregulated, it’s kind of hard to place your stocks into it without worrying significantly more than if you would any other investment.
Any involvement of Wall Street into Bitcoin could have many effects on the Bitcoin community. It is certainly an aspect to keep considering, especially with the increased interest of Wall Street in the matters of crypto.