When Bitcoin was launched initially, the Wall Street did not show any interest in its coming and going. There was no mention of Bitcoin in Wall Street Journal until 2011 and all this while the bitcoin enthusiasts and the financial community of Bitcoin was in a fix why they are so quiet about the new innovation in digital currency. They even speculated that perhaps were threatened by Bitcoin’s potential or did not take it seriously enough to comment on its existence. There were even rumours that the Bitcoin is being abandoned so that it can be adopted at a mainstream level. This new technology, however, was more powerful than just being a trend or a speculation.
In 2013, when Merrill Lynch became the first high profile bank to publish a report on Bitcoins, the tables turned. This report highlighted the initial assessment of the currency’s potential in overtaking the traditional means of transferring money as well as a reliable source of payment method in ecommerce sites. This was the beginning of Bitcoin into prominent financial circles where the big players started to acknowledge its existence, even if it meant debunking it as an inferior currency.
What 2015 looks like for Bitcoin
The start of the year looked really good for this crypto-currency when NYSE, Citigroup, USAA and BBVA made investments in Coinbase, a bitcoin service provider. This move gave Bitcoin to be acknowledged at the U.S. Exchange after being licensed. Few days later, Gemini was launched by Cameron and Tyler Winklevoss which is a fully regulated and compliant Bitcoin exchange, also christened as the Nasdaq of Bitcoin. Following suit, Wall Street opened up to digital currency when they began hiring the experts in this field.
Traders speak well about Bitcoin since its beginning
From the very onset, traders working in exalted financial companies have always been attracted to this digital currency. Some enthusiasts that work on Wall Street have even come together to increase the awareness of Bitcoin. Wall Street may be taking time to adapt to the shift in the environment; there are already high profile executives that have left their jobs to join Bitcoin Start-ups.
Future of Bitcoin in Wall Street looks Bright
Mathew Roszak, Noble Markets Investor told Inside Bitcoin that there is not a single white board in entire Wall Street that does not have Bitcoin smeared in bold ink. Although the relationship between the two may have started on a rough ground, they are both likely to uphold each other better than tearing each other down. If Wall Street and Bitcoin join in some way, the name and experience of the former will help bring the latter into the mainstream. Bitcoin in turn can help the bankers provide cheaper and reliable services to their customers.