“The institutional herd is coming” is a phrase uttered by countless Bitcoin bulls ad nauseam. They believe that the arrival of this subset of investors will be a catalyst that drives cryptocurrencies to fresh all-time highs and catapult the technology into the mainstream.
However, an industry venture capitalist has argued that the institutional narrative is flawed, in that the Bitcoin price doesn’t need, say, Wall Street or its Asian equivalent to succeed and grow.
Related Reading: Report: Institutional Investors Are Behind Latest Bitcoin Rally; But Will BTC Keep Climbing?
Bitcoin: No Institutions Needed
On Monday of this week, Bakkt had the first full-day trading session for its physically-deliverable Bitcoin futures. The investment vehicle, expected to be the catalyst that brings BTC to new heights, seemingly flopped, seeing less than $1 million worth of volumes on Monday.
Many have since questioned the viability of the institutional narrative, and thus the future of Bitcoin.
But according to Lou Kerner, a partner at fund Crypto Oracle and a former Goldman Sachs analyst, this isn’t the case. In a recent episode of CNBC “Power Lunch”, the investor explained that Bitcoin doesn’t need institutions to succeed and rocket higher, citing the fact that a majority of the asset’s growth has been retail-based. Kerner even went as far as to say that the institutions will be the followers in this market, not the trailblazers.
Yet, he did admit that institutions will eventually make a true foray into this market, claiming they will be attracted to cryptocurrencies like apples are attracted to the ground.
The post Bitcoin Price Can Rocket Higher Without Institutions: Venture Capitalist appeared first on NewsBTC.
by Nick Chong on September 28, 2019 at 05:30PM
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