Institutional Investments In Bitcoin Create Different Markets Than 2017

We have been already addressing the importance of institutional investments in crypto markets these days. It’s definitely not too far fetched to say that this is probably the most important ingredient for the mainstream crypto adoption.

Now, it’s been revealed that the president of Fidelity Digital Assets is offering his take on the state of the crypto markets.

During a new interview with CNBC, Tom Jessop said that he’s optimistic that the incoming Biden administration will support the growth of the crypto industry.

Incoming Biden administration to support crypto

“Given chairman-elect Gensler’s experience in the space and what he’s been doing in recent years, I think it paints a more generally constructive attitude or picture in terms of what we might expect going forward. I would note that we saw some fairly interesting and good regulatory developments last year,” he said as cited by the Daily Hodl. 

He continued and explained that “You look at the OCC (Office of the Comptroller of the Currency) and some of the guidance they’ve given banks around access to the asset class where you are participating in some of these networks and more recently and perhaps less publicized, some requests for comment from the SEC (U.S. Securities and Exchange Commission) around a better definition around what it means to be a custodian in this space and even some questions about what it would mean for broker-dealers to transact in tokenized securities.”

He also said that there’s definitely more and more constructive engagement with regulators and this will remain into the new year as well.

He also made sure to address the price of Bitcoin, and Jessop says he thinks BTC is in a period of healthy consolidation.

Speaking of BTC’s price, today, at the moment of writing this article, BTC is trading in the green and the coin is priced at $34,892.59.

Stay tuned for more relevant news.

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