More On: Bitcoin
Although Wall Street has recently welcomed crypto markets, one market expert believes that its ubiquity is only just beginning.
In recent years, Wall Street has embraced crypto markets, with the debut of bitcoin futures ETFs and institutional investors joining on board, but one market expert believes its ubiquity is just just beginning.
The Digital Asset Council, founded by Ric Edelman, creator of Edelman Financial Engines, trains financial advisers about digital securities like bitcoin and other cryptocurrencies. He compares the space to another major technological achievement from a few decades ago.
"This is quite similar to the internet 20 or 30 years ago." We must grasp that this is a once-in-a-generation opportunity. And the revolutionary technology allows firms to function faster, cheaper, with better transparency and security, which is why corporations are rushing to build blockchain technology," Edelman said on Monday on CNBC's "ETF Edge."
Cryptocurrencies and blockchain technology, like the internet, might have far-reaching implications, he suggested. One intriguing use case presently being discussed, according to Edelman, is the use of digital tokens to assist people in finding parking places in metropolitan areas.
"If the Transportation Department recognizes the importance of blockchain technology to address an interesting problem that has nothing to do with money," Edelman said, "it simply goes to show how wide and significant this technology is."
According to him, the vast potential of bitcoin, other cryptos, and blockchain technology creates enormous opportunity for investors.
"Now that we've had some experience, we're in a better position. "We all remember how the internet skyrocketed in popularity in the 1990s," Edelman continued. "That's where we're at right now — extraordinarily early for investors who are seeing possibilities that won't exist in the same way they do now in 10 or 15 years."
Bitwise Asset Management's chief investment officer, Matt Hougan, is as enthusiastic about the sector. He believes that every organization will be involved with crypto and blockchain in some form in the future. Investors should assess what is already available to back till then, he added.
"Publicly traded crypto stocks are one sector of the industry that is definitely growing right now...." There are several crypto mining firms, as well as crypto banks, crypto trading firms, and crypto asset management firms. In the same section, he remarked, "There's a tremendous pipeline of crypto firms who are seeking to IPO in the next year or two."
These firms are one of the "most ignored regions of crypto," according to Hougan. Last April, Coinbase, a crypto exchange company and one of the most well-known companies in the field, went public on the Nasdaq. It is presently trading at around $231, down from its previous reference price of $250.
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