It’s no secret that 2018 has been a difficult year for crypto. Bitcoin’s price has seen significant downfall, especially in the past few weeks. However, mainstream financial traders are surprisingly still very interested in crypto markets.
According to a November 29 report from Abacas Journal, traders at mainstream powerhouse Morgan Stanley are consumed by the concept of crypto trading and its related volatility.
Abacas Journal got the chance to interview three traders over at Morgan Stanley’s trading desk. The insight they reportedly offered on crypto is intriguing.
The interviewed traders proved to be knowledgeable in crypto, to say the least. They reportedly love the price action associated with crypto, as well as the possible gains.
One of the traders stated – “[t]he volatility in Bitcoin alone would be better than sex for us! Movements of 10%-20% over the course of 24 hours. Huge!”
Recent news shows significant developments on the institutional side of crypto interest. Nasdaq’s and VanEck’s partnership announcement for a Bitcoin futures trading product headlined many articles.
Fidelity also looks to expand its crypto operation. And who could forget the imminent launch of ICE’s crypto platform Bakkt, coming next January?
Abacus Journal’s report shows just how excited legacy market traders are to get a piece of the action.
“The bottom line on cryptos, we talk about them every day and the plan is to trade the sh** out of them next year. Nearly all of us have built in those profits into our projected earnings next year”, one of the interviewed traders explained.
All three traders interviewed by Abacas Journal seem to be intensely excited about future crypto trading, describing the crypto movement as possibly bigger than the famous dot-com era.
Apparently many clients also frequently ask about crypto markets. “Give me all of the cryptos and watch what I could do for this place. Clients won’t stop asking about them. I’ve not seen anything like this in my career”, mentioned the third interviewed trader.
The Abacus Journal reports – “[e]very major institution that has an interest in satisfying the requests of its biggest clients and generating outsized trading profits with significant margins is offering or planning to offer access to Bitcoin and cryptos. Everybody”.
Even with all the downward price action this year, institutional players and entities apparently still want in on the action.
Last month, Crypto Insider talked about all the pent up institutional interest with ETF talks, Ethereum futures, Nasdaq interest, and Bakkt, to name a few.
Readers will also remember Morgan Stanley’s involvement in the recently launched CLS/IBM blockchain powered payments launch.
Bitcoin currently sits at a press time price of about $4k on Blockmodo, down from an all-time high of around $20k.
Although some influencers still express significant doubt in cryptocurrency. November 29 saw CNBC interviewing Paul Donovan and his statements of Bitcoin’s impending death.
And everyone likely remembers JP Morgan’s Jamie Dimon bashing Bitcoin last year.
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