Wall Street giants such as Goldman Sachs are increasingly at risk of being left behind as cryptocurrency funds are the fastest growing segment of the hedge fund industry.
Cryptocurrency Hedge Funds Are Growing the Fastest
A few months ago, Wall Street seemed to be embracing Bitcoin, and giants such as Goldman Sachs and Morgan Stanley were developing infrastructures to trade Bitcoin. But then, after the value of digital coins collapsed last year, Wall Street top bosses got cold feet and shelved their projects.
Now, 2019 Bitcoin economic activity is hitting fresh highs and its value is rebounding. However, Wall Street is not reacting to seize the opportunity. The Street writes,
Yet giant U.S. banks like JPMorgan Chase, Goldman Sachs Group and Bank of New York Mellon that dominate Wall Street trading in everything from bonds, stocks, commodities, and foreign exchanges are increasingly at risk of missing out due to their own reluctance to jump into the cryptocurrency market.
Wall Street executives’ excuses abound, ranging from…