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2:05, 09 June 2018

Wall Street’s ‘Crypto King’ Says Regulatory Clarity Will Jump-start off Institutional Investments


Wall Street’s ‘Crypto King’ Says Regulatory Clarity Will Jump-begin Institutional Investments


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Bart Smith, who was crowned &#8220Wall Street&#8217s Crypto King&#8221 by CNBC,&nbspis optimistic that institutional investors will start pouring cash into the cryptocurrency industry after far more regulatory clarity is provided.

Smith heads the digital asset group at&nbspPennsylvania-primarily based investment firm&nbspSusquehanna International Group, which initial experimented with bitcoin trading in 2014.

Since then,&nbspthe privately-held organization has launched a crypto trading desk manned by a dozen traders who purchase and sell millions of dollars in bitcoin and other cryptocurrencies every day.

&#8220We have a committed team of traders and technologists,&#8221 he told CNBC. &#8220We&#8217ve been trading bitcoin primarily, but in 2017 as the marketplace expanded, we expanded the quantity of coins we have been trading and the number of exchanges we had been delivering liquidity on.&#8221

Smith added: &#8220We are trading on average a couple hundred million dollars a day [on bitcoin futures] across CME and CFE combined that&#8217s not retail.&#8221

A lot more Or Significantly less Regulation Is Not the Concern

Smith says cryptocurrency evangelists shouldn&#8217t focus so considerably on no matter whether or not there need to be regulation, but moreso on the importance of regulatory clarity.

&#8220There&#8217s a huge debate going on about regardless of whether there ought to be more or significantly less [crypto] regulation. From our standpoint, it&#8217s really about regulatory clarity,&#8221 Smith noted. &#8220There has been a tremendous amount of focus on the SEC and Chairman Clayton&#8217s comments.&nbspBut it&#8217s actually a complete host of other regulatory agencies out there, since the ecosystem expands beyond the standard monetary assets.&#8221

Smith underscored:

&#8220[Regulatory] clarity will enable institutions to come in much more than something else due to the fact institutions don&#8217t like to invest into uncertainty. So we&#8217re just taking the most conservative strategy that we can.&#8221

&#8216We&#8217ve Been Advocating For a Bitcoin ETF&#8217

Smith stated that Susquehanna is bullish on bitcoin ETFs&nbsp&#8212 exchange-traded funds that offer retail investors with exposure to bitcoin&#8217s value movements with out custodial risk &#8212 since he believes they are an ideal automobile for investing in virtual currencies.

&#8220We&#8217ve been advocating for an ETF,&#8221 he stated. &#8220We think it checks lot of the boxes for regulatory issues, particularly as it relates to retail investors. And it checks a lot of boxes for institutional clients as far as custody and taxation and anti-cash laundering and know-your-client [issues].&#8221

Smith stated if crypto bulls want to make bitcoin ETFs come about, they must ensure they meet regulatory muster as outlined by SEC chairman Jay Clayton. &#8220Chairman Clayon has created his concerns really clear, and it&#8217s up to us in the ecosystem to address these concerns,&#8221 he mentioned.

When asked if there&#8217s a correlation among the stock markets and the crypto space, Smith said he doesn&#8217t feel so, in spite of reports that have shown a correlation in between their movements.

&#8220We have not noticed considerably correlation at all between the equity and bitcoin markets,&#8221 Smith stated. &#8220Trading cryptocurrencies is way much more analogous to other asset classes than you may possibly feel from a market maker&#8217s perspective, managing danger and the operational sides of it. But as far as the investor demand for it, and what drives bitcoin and other cryptocurrencies, we have yet to find much analogy in the driver of it.&#8221

Smith said that what drives bitcoin prices differs from what moves the equity markets due to the fact crypto is not an institutionally-driven marketplace like the S&ampP 500.

As for bitcoin&#8217s wild value swings, Smith mentioned BTC is trading solidly in the range of&nbsp$six,000 to $9,000 &#8212 at least for now.

Seeking ahead, Smith is exceedingly confident in the future of crypto, as CCN has reported. &ldquoWe think that this technology and this asset class is going to change some facet of financial solutions, and we consider it is going to exist forever,&rdquo he said.

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Published at Sat, 09 Jun 2018 01:00:35 +0000


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