Former JP Morgan Global Head of Energy Trading and Coinshares’ Chairman, Daniel Masters recently shared his views on the Bitcoin rally expectations and current fall of Bitcoin on CNBC’s Fast Money. He elaborates his views on cryptocurrency and blockchain technology. He believes that taxonomy of all the cryptocurrency related objects is a necessary step for a clearer market.
Coinshares is a company that analyzes and research on the cryptocurrency market. They are known for publishing strategies for private investors.
He gives his personal opinion saying it is very early to judge Bitcoin’s growth prospects. The energy trading industry that he worked for before, he watched it for around 15-20 years and saw it develop from industrial logistics business to high-frequency trading business.
He said that 3 years back when cryptocurrency was very small, he had launched Bitcoin Tracker One. Bitcoin Tracker One is an exchange-traded node [ETN] designed to provide access to investors regarding the returns of the underlying asset.
“We need to do a taxonomy for all the assets and token. We need to see the structure continue to build, we need to see the custody, solutions and provided we need performance measures.”
He also mentioned that issue of custody can be solved as the institutional presence in cryptocurrency increases. Many platforms have come up with new institutional products and that’s what institutions want from them.
Daniel also said that none of the national jurisdiction can really kill cryptocurrency as it’s more of a global phenomenon.
He says that China and the rest of Asian countries are the major market regulators. He also believes the transformation of China occurred due to the cryptocurrency adoption.
A twitterati says:
“Maybe it is down because the mainstream keeps predicting it going up – tends to happen in the opposite direction…”
Benjamin, a Twitterati says:
“Great commentary tonight Daniel Masters. We are early!”
Another Twitter user says:
“You guys are just entertainment and people think you’re actual news. Please stop. You’re making every one of your viewers dumber. You’re hurting America!”
“Idiots been saying this since January”
The post Bitcoin [BTC] value has nothing to do with institutions – Daniel Masters appeared first on AMBCrypto.