Recently, Anthony Pompliano (aka “Pomp”), Co-Founder of Morgan Creek Digital (MCD), talked about how some of the largest financial institutions in the world are preparing to go “all-in” on crypto.
According to a report by The Daily Hodl, Pompliano said:
“Regardless of what happens to price in the short term, one thing is for certain. The big financial institutions, they’re here. They’re building teams internally, and they are going all-in on Bitcoin and crypto. That might not actually help the price in the short term. But that tells me over a long period of time, this industry is not going anywhere...
“Even though we’re in this deep bear market, there are institutions that are chomping at the bit ready to get back into the game…. [Mercer] said that the six major banks, they’re ready to go as soon as they get a green light from the regulatory environment...
“I personally, this week, talked to multiple organizations, some of the biggest asset managers in the world. They all have teams focused on Bitcoin and cryptocurrencies. They’re hiring. They’re building out those teams, and they’re trying to figure out what they’re going to do. Some of them want to build products. Other of them want to drive revenue through services related to the industry. And others just simply want to make it easier for investors to allocate to the space.“
On 20 September 2022, billionaire investor Mike Novogratz was asked to share his thoughts on the crypto market.
Former hedge fund manager Novogratz is the Founder and CEO of Galaxy Digital, “a technology-driven financial services and investment management firm that provides institutions and direct clients with a full suite of financial solutions spanning the digital assets ecosystem.”
Novogratz’s comments were made during an interview with Andrew Ross Sorkin on CNBC’s “Squawk Box”. According to a report by The Daily Hodl, Novogratz had this to say about Ethereum and Bitcoin:
“Ethereum has had a pretty big move down. We had the merge. The merge was an amazing accomplishment in lots of ways, right? It shows that a decentralized community can accomplish something that’s really complicated. And so I think we’ll look back on that as something really significant. You know, Ethereum had gone from $1,000 to $2,000. And so now you’ve had a real big pullback. It feels like $1,250 should be the bottom here and so I think you’re closer to the bottom than the top...
“There’s a put in Bitcoin somewhere because you just see these institutions all getting engaged slowly. And so when I see this adoption when I see BlackRock doing a deal with Coinbase and their own fund… you just know people are coming to buy and so, you know, could Bitcoin go lower? Of course, it could but I don’t think there’s a catastrophic fall...
“You’d be more neutral here and you’d be waiting to see the Fed pivot. And then I think you are going to see a big, big rally in crypto.”
Featured Image via Pixabay
Some of the Biggest Asset Managers Are Building Out Their Crypto Teams, Says Morgan Creek Digital Co-Founder
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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.