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A number of big investors say they are not concerned that the cryptocurrency market has lost 55% of its value over the past five months. It was inevitable, they suggest.
The space as a whole went form a $829 billion valuation to just $372 billion.
From CCN:
More institutional investors, retail traders, financial institutions, banks, stock markets, and governments are involved in the cryptocurrency sector than ever and the market is nearly at a yearly low. While most individual investors and newcomers see a sell-off period in a highly volatile time frame like this, large-scale investors see an accumulation period and an opportunity.
Erik Voorhees, the CEO at ShapeShift, stated:
“I’m all for financial companies getting involved in crypto. Crypto as a monetary unit is transparent and legitimate because it’s market-based, as opposed to what they do now, which is handling fiat, which is not transparent and not market-based.”
It’s interesting to note that the market did not react to the entrance of the New York Stock Exchange (NYSE) and JPMorgan into the cryptocurrency market.
- Aaron Goldstein, Gambling911.com
