Key Takeaways
- Billionaire Thomas Peterffy reveals he owns crypto-assets
- Peterffy’s company is set to offer crypto trading for clients
- Crypto industry boosted by institutional adoption
Peterffy revealed this in an interview with CNBC, where he spoke about the crypto industry. Peterffy has changed his initial notion of cryptocurrencies in recent years. He had previously stated that Bitcoin success could not work in a real economy system.
He noted that despite his skepticism about the future of cryptocurrencies, he invested in some coins. The broker also added that there remains a possibility that crypto-assets could become the dominant currencies in the financial market.
He also continued that many clients were getting interested in crypto-assets as a form of investment. Interactive Brokers had recently revealed that it would offer crypto trading services to clients by Q3 2021.
This development is spurred by the last bull run that saw many crypto-assets hit record heights. As a result, apart from brokers, banks like MassMutual, JPMorgan, and Goldman Sachs have also started offering crypto services.
JPMorgan, American’s largest bank, had revealed this week that it would be offering crypto exposure to high net-worth clients. This heralds a new development for the bank that was previously hostile towards crypto-assets.
Crypto analysts have attributed the institutional surge to many reasons. First, the increasing regulations of crypto-assets globally have made institutions adopt these assets for their clients.
There has also been a rise in crypto product funds from leading investment platforms like Grayscale and Microstrategy. These funds provide a regulated exposure to crypto-assets and have made it easier for institutions to offer crypto-funds to clients.
This progress has led to the growth of the blockchain industry, with Coinbase becoming the first crypto-company to launch an IPO earlier in June.
Do you think institutional adoption is a great move for the crypto-industry?
