CNBC’s Brian Kelly sees the arrival of industry names setting up crypto subsidiaries, as “fantastic news” which should encourage institutional investments to take off in the new year.
He was specifically referring to news this week that Boston based Fidelity Investments, the fourth largest asset manager with $7.2 trillion in assets under administration, was moving into crypto, offering custody and trading solutions to its clients.
The creation of the company subsidiary Fidelity Digital Asset Services (FDAS), is in Kelly’s view another positive in terms of attracting institutional crypto investment, a factor that, as he has argued for a long time, could start another crypto bull run similar to that of 2017, a view also held by Galaxy Digital’s Mike Novogratz.
The news that major US universities are all raising their cryptocurrency profiles has Kelly proposing that mainstream brokers could easily be brought into the fray in the new year, once the word is out that cryptocurrency is becoming an institutional drawcard. On CNBC he stated:
“Soon. I think very soon. It wouldn’t surprise me to see a lot of those companies have something working in the background by Q1 of 2019. I mean if you’re looking at this, there are a couple things you need to think of. Fidelity is in this space. Also, remember that startups like Robinhood launched a crypto app and got a million users in four days. So if you are at Schwab or you’re at E*Trade, then you may start to look at that and say, “Where are the customers?” And they’re in crypto, so you gotta offer that product.”
Kelly and Novogratz are not the only ones in the market that feel that “institutional FOMO,” should be the catalyst behind the cryptocurrency market’s next bull run, hence all eyes on the SEC and their net move; the addition of yet another major player to the growing cryptocurrency institutional family network is in their eyes no bad thing.
Follow BitcoinNews.com on Twitter: @BitcoinNewsCom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews
Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.
Image Courtesy: Pixabay
The post Brian Kelly: Crypto Set for Institutional Investment Bull Run in 2019 appeared first on BitcoinNews.com.