Cryptocurrency – The Pied piper of Wall Street

Cryptocurrency is on a pilfering spree, where the current course is making all the executives move away from the lucrative Wall Street to the more lucrative cryptocurrency field. In a recent report, Richard Kim, the former Executive in Goldman Sachs has left Wall Street to join Galaxy digital as the CEO.

This trend can be attributed to Bitcoin’s rise to nearly $20000 in late 2017. It created such a flutter in the market that the firms handling cryptocurrency funds jumped from 165 to 245.

New Yorker quoted Mike Novogratz, an ex-Wall Street banker who said that his firm hired the best Blockchain expert from Goldman. Justin Short who had worked for Bank of America Corp by working on its electronic trading algorithm in a statement said:

“It’s a Cambrian explosion of ideas. But that means you have to put in your work to figure out which one is even likely to work,”

Cryptocurrencies are the craze as they eliminate middlemen such as banks which charge fees and venture capital firms while giving the user faster access to money. Former HSBC trader, Hugh Madden compared the ICO token ship to having a football club membership. which he likens to having to aims at drawing a wider fan range by playing more matches and building relationship with other clubs.

He added:

“There is no limit to participants…but there is a limit to memberships that allow members to exert influence on the future direction of the club.”

However, all is not good as news about the attack of hackers hacking ICO’s and making off with cash is on the rise. Recently Hackers stole $7million from the ICO, CoinDash. This has amounted totally to nearly $40 million as ICOs have been supported by operational frameworks which lack business models but have standard operational frameworks.

Goldman Sachs is working hard to turn this attrition rate around, it has adopted various crypto futures offered by Cboe with Jeff Curie telling reporters in a statement that he does not understand the hostility towards cryptocurrency.

Source: Read Full Article