Bitcoin Could Experience A Resurgence Of İnterest On Wall Street"

JPMorgan's Global Market Strategist Nikolaos Panigirtzoglou says that Bitcoin (BTC) could make a resurgence on Wall Street, CNBC reported.

"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] the burst."

Panigirtzoglou predicts that firms will show a renewed interest in cryptocurrencies as stability in the market grows and as Bitcoin's underlying blockchain technology grows more important. He added that a Bitcoin's resurgence could be years away, as regulators are a "bit slow to realize" the potential of the cryptocurrency.

Many have predicted that increased involvement from institutional investors on Wall Street would inject much-needed capital into the cryptocurrency space, particularly after markets suffered a bear year in 2018. In June 2018, Cardano (ADA) co-founder Charles Hoskinson, said that the entry of Wall Street into the sector will bring in "tens of trillions of dollars."

However, some reports from late last year suggest that Wall Street has postponed its crypto plans, as the bear market continued to sink lower. In late December, Bloomberg reported that financial sector majors like banking giant Goldman Sachs, multinational financial services company Morgan Stanley and banking conglomerate Citigroup Inc. have shelved crypto-related projects for the foreseeable future. - Istanbul