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Head of Kraken OTC: the cryptocurrency market is the new Wall Street



Nelson Minier, head of the Kraken OTC trading division, expressed his opinion that the cryptocurrency market was gradually growing, institutionalizing and becoming similar to Wall Street in the past. Reported by CCN.

However, according to Nelson, Wall Street today, related to the entire US stock market, is no longer what it used to be.

"For my first 15 years on Wall Street, it was fun. I am very successful. Then I started working on the CDS market, which is very much like a basement: a lot of financial innovation, a lot of trade … There is a sense of progress, the market is filled with energy and enthusiasm ”– Nelson Minier shares his memories, managing to work at JPMorgan and Credit Suisse.

He added that "more and more portfolio managers" have recently come to the developing crypto industry. According to Minier, institutions are attracted by the opportunity to diversify investments through bitcoin. In addition, the potential return on investment in BTC seems even higher amid low interest rates and decreasing returns on traditional financial instruments.

Nevertheless, the expert emphasizes that Bitcoin is a very volatile asset and, therefore, a high risk:

"I think BTC is still one of the most unstable assets on the planet. In just a few moments, we dropped from $ 10,800 to $ 10,000. "

Remember that in June, Kraken's CEO Jess Powell said that digital gold would fly up to $ 100,000, and maybe even up to a million dollars.

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