Wall Street has been viewed as the go-to place for anyone aspiring to be anyone within the world of finance. For good and for bad, Wall Street has been the dream destination for ambitious traders and bankers, and the subject of much controversy in the political world. The cultural phenomenon of Wall Street was firmly cemented in the 1987 movie by the same name starring Michael Douglas.
Wall Street firms invest in cryptocurrency
The phenomenon of Wall Street might be coming to an end soon. As the global community of cryptocurrency enthusiasts continues to grow, the interest in Wall Street as a destination and as a lifestyle steadily declines. One of the symptoms of this is of course that Wall Street giants like Goldman Sachs and JPMorgan are themselves investing in blockchain projects and trading in cryptocurrencies. The question, however, is whether or not these firms will be able to maintain their relevance as more and more investors look to the world of cryptocurrency for their financial endeavors.
Another indicator that the golden age of Wall Street may be over sooner rather than later, is that more and more people are leaving their positions in favor of pursuing a career in the cryptocurrency space. Many companies dealing in blockchain technology and cryptocurrencies are of course actively seeking to recruit Wall Street professionals. Much of the experience these professionals have acquired on Wall Street is applicable to the cryptocurrency industry. However, more of these professionals are now leaving Wall Street on their own accord, simply due to the promise of a lucrative career in the world of crypto.
A Wall Street trader speaks out
Asim Ahmad is one of these professionals. He used to work for BlackRock Inc., but have now decided to leave the company in favor of a career in cryptocurrency. His reasons were given as follows:
I’m in a position where it doesn’t make sense to work at BlackRock anymore. The one-day volatility of my portfolio is higher than my salary, so if I get a few investments right, then I’ll have made the same as my yearly wage and everything else on top is a bonus.
Wall Street traders might have an advantage
This statement is very telling, especially given the fact that the cryptocurrency market has received a lot of criticism for being so volatile. It shows that a really good trader will be able to turn a negative thing, such as market volatility, into lucrative business. Many traders have of course suffered because of said volatility, and perhaps this is one of the reasons Wall Street traders are moving into the crypto-space. They feel their experience will give them an advantage over the relatively novice traders in cryptocurrency.
Whether or not one of the many cryptocurrency exchanges will become the new hot spot for the moguls in the finance industry remains to be seen. 2018 has seen many traders in cryptocurrency come off at a rocky start. However, seeing as the value of Bitcoin is once again on the incline, this trend of Wall Streeters migrating to cryptocurrency exchanges could very well continue.