The cryptocurrency was introduced in the market with the sole purpose of transforming the current financial system. Fiat currencies might be a good way to store your wealth, but it is subjected to inflation of crypto boom and manipulation by the central banks and government authorities.
Seeing how Cryptocurrencies are performing in the investment market, we believe that Crypto Tokens can become a great alternative to traditional assets.
Almost twelve years after the first Cryptocurrency was introduced in the market, it is still in the revolutionary phase. Though it has achieved many milestones, we are yet to see its full potential.
If you do some research, you will find that Cryptocurrency technology is currently evolving in several sectors of the industry. So naturally, this has caught the eye of Wall Street.
Wall Street is perhaps the largest stock exchange infrastructure globally with almost $30 trillion capitalism.
Though Wall Street has never considered thinking about Cryptocurrency and adding it to its assets list, it has certainly started showing interest in the current Crypto Boom.
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Wall Street Interest In Cryptocurrencies
In 2018, Goldman Sachs announced that Wall Street would open a Bitcoin Trading Desk. However, in the later months of 2018, when the prices of Bitcoin dropped, they dropped their plan on virtual currency altogether.
So, what made Wall Street come again strong with the Crypto investment?
Well, there are no concrete answers yet. But we know that the recent events taking place in the Crypto industry might be considered for this change.
Though Cryptocurrency remains a high-risk investment, its involvement in the growth sectors has made it a prime asset to invest in.
Financial Technology
Financial technology (Fintech) has been the most benefited sector because of Cryptocurrency and Blockchain integration. Fintech is the development and use of technology to improve financial services.
Before integrating Blockchain technology in the financial sector, it wasn’t easy to track the flow of finances.
However, with the development of Blockchain technology in the financial sector, it has become easy to send, lend, receive and transfer money.
PayPal is one of the most renowned Fintech companies adapted to Cryptocurrency and Blockchain technology to solve future transactional problems.
Non Fungible Tokens (NFTs)
Non-Fungible Tokens or popularly known as NFTs, are digital assets that are tokenized. The concept of NFTs has been in the market since 2020, but the popularity escalated when a digital artist Beeple sold a collage of NFTs for $69 million.
An NFT can be anything – Digital art, Clothing, Music, Video games, and anything that can be tokenized. In fact, experts believe that the NFT concept will bloom in Metaverse.
Metaverse Companies
Most of you reading this article are perhaps reading the term Metaverse for the first. But it is true that Metaverse is the new universe where the world is headed to.
Metaverse is a virtual world where people can enter and live a second life. In the Metaverse, you can buy properties, shop, open a business, and do almost everything that you can do in the real world.
The only problem is that different devices or platforms have a Metaverse of their own. This is where Blockchain technology shows the potential of connecting all the separate Metaverses.
Social media platforms, game developers, technological companies are developing hardware and software needed for this digital life experience.
The Future Of Cryptocurrencies!
By the data we have presented above, we can speculate what Wall Street is thinking while investing in the Crypto Boom.
Cryptocurrencies have always been investors’ favorite. Who knows favorites of Wall Street as well. But because they are a massive financial organization, they cannot make decisions based on just speculation without any concrete evidence.
But seeing how Cryptocurrency has performed in the last years and its importance in revolutionizing the sectors have certainly made Wall Street take that decision.
This is our take on why Wall Street is looking to cash in Cryptocurrencies. If there’s any other angle that we missed out on, and you can enlighten us, be our guest. We like to hold valuable conversations.
