JPMorgan Global Market Strategist, Nikolaos Panigirtzoglou, has said that Bitcoin could have a revival on Wall Street, according to an article published by CNBC. It was only a couple of months ago when Panigirtzoglou was knee deep with Wall Street’s Bitcoin bears, but now believes the crown jewel of crypto could be poised for a major comeback, at least in the long term.
Speaking during an interview on CNBC’s Futures Now, Panigirtzoglou said that the cryptocurrency market’s recent struggles could set the stage for future institutional adoption, which many bulls predict will spur the next Bitcoin bull run.
“The stability that we are seeing right now in the cryptocurrency market is setting the stage for more participation by institutional investors in the future,” said Panigirtzoglou. “The cryptocurrency market was a new market. It went through a bubble phase and it burst”.
He thinks that companies will begin to re-enter the space as the importance of blockchain in the world grows. He does concede that it could be many years away.
“The big obstacle is regulators right now,” he said, adding that regulatory oversight is a “bit slow to realise” the potential of the cryptocurrency.
Bitcoin Analysts Have A Wait And See Approach
Many people involved in crypto have predicted that increased involvement from institutional investors on Wall Street would inject much-needed capital into the space. Last year, Cardano co-founder, Charles Hoskinson, said that the entry of Wall Street into the sector will bring in “tens of trillions of dollars”.
Ari Paul the founder of crypto investment firm, BlockTower Capital, a crypto asset investment firm, has said in a series of tweets that Bitcoin adoption is at a standstill because Wall Street is taking a “wait and see” approach during this bear market. “I’ve been too optimistic about the pace of institutional adoption in the past,” he said. “It’s coming, but I can’t estimate which quarter (Whether that’s this year or 2022) that we’ll see a big spike. As a humble guess, something like q3 2019”.
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