Some of the biggest asset managers are building out their crypto teams, says Morgan Creek Digital co-founder
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:
“Whatever happens to the price in the short term, one thing is certain. The big financial institutions, they are here. They are building teams internally and they are going all-in on Bitcoin and crypto. It may not actually help the price in the short term. But it tells me over a long period of time that this industry is not going anywhere...
“Even though we are in this deep bear market, there are institutions fighting to get back in the game… [Mercer] said that the big six banks, they are ready to go as soon as they get the green light from the regulatory environment...
“I personally, this week, spoke to several organizations, some of the largest asset managers in the world. They all have teams focused on Bitcoin and cryptocurrencies. They are hiring. They’re building out these teams and they’re trying to figure out what to do. Some of them want to build products. Others of them want to generate income through services related to the industry. And others simply want to make it easier for investors to allocate to the space.“
On September 20, 2022, billionaire investor Mike Novogratz was asked to share his thoughts on the crypto market.
A former hedge fund manager, Novogratz is the founder and CEO of Galaxy Digital, “a technology-driven financial services and investment management company that provides institutions and direct clients with a complete suite of financial solutions spanning the digital asset 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 decline. We had the merger. The merger was an amazing achievement in many ways, wasn’t it? It shows that a decentralized community can achieve something very complicated. So I think we’ll look back on that as something really important. You know, Ethereum had gone from $1000 to $2000. And so now you’ve had a really big withdrawal. It feels like $1250 should be the bottom here, so I think you’re closer to the bottom than the top...
“There’s Bitcoin put in somewhere because you just see these institutions all getting engaged slowly. And then when I see this adoption when I see BlackRock do a deal with Coinbase and their own fund … you just know that people are coming to buy and then, you know, can Bitcoin go lower? Of course it can, but I don’t think it’s a catastrophic fall...
“You would be more neutral here and you would wait to see the Fed pivot. And then I think you’re going to see a big, big rally in crypto.”
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