Michael Casey says, Big Banks may be Alert, but others will Chase Crypto Volatility
January 8, 2018 12:12 pm
Michael Casey, senior advisor at the Digital Currency Initiative at MIT Media Lab, told CNBC that, he thinks there is caution, but it depends on which sort of institution that we talk about.
More aggressive institutional investors, such as hedge funds, are likely to find the volatility associated with cryptocurrencies “inherently attractive,” Casey told on the sidelines of the UBS Greater China Conference in Shanghai.
“That’s a different story than saying you’re going to get invested in a technology and everything else underlying it. There’s a play that people have on the volatility.”
According to him, big banks, anyhow, are expected to approach the space more carefully.
Bitcoin rose more than 1,200 percent in 2017.
In 2017, Bitcoin has grown more than 1,200 percent.
The increase of bitcoin has made some governments to adopt it and few of the other governments called it as a bubble and considered it as an illegal currency. Even though, bitcoin kept growing constantly.
Casey included that, there is a necessary attention that regulators are talking about, they do not want to spoil the technology but they rather wants to save the financial system and save the people from this.
“What I worry about is that things get too out of hand, we come through a collapse and people sort of ignore the fact that something very real underneath this is being built.”
He compared the crypto craze with dotcom bubble and described that “fed and built the infrastructure for the big next wave of the internet.”