Crypto Companies Can Surpass Largest Banks, Says Spencer Bogart
May 7, 2018
Spencer Bogart, a partner with a venture capital firm Blockchain Capital, said that more banks will follow the example of Goldman Sachs, that announced its plans to launch a cryptocurrency trading platform.
Although Bogart thinks that this step is important, yet he also believes that this is not an ideal solution for the institutionalization of bitcoin.
He added that his forecast is not based on the actions of Goldman Sachs, but on the fact, that the cryptocurrency market is large and it continues to grow. Bogart claims that the market that large cannot be ignored, as cryptocurrency companies can surpass largest banks.
He told CNBC:
"Most of these banks have heard about the numbers or seen the numbers that companies like Coinbase and Binance are putting up. There's a real risk that some of those companies could overtake some of Wall Street's biggest banks if they don't get in the market."
Bogart added, that since Goldman Sachs is currently plans to work only with bitcoin derivatives, he thinks that the bank should deal with the problem of custody, as it will be needed in case of implementation of direct cryptocurrency trading.