In an interview with CNBC, Currie said Bitcoin’s remarkable run has sparked more institutional interest, but noted that smart money investors still make up a small portion of the overall market. They will have to come en masse for Bitcoin to become a stable asset and a flash crash as we saw earlier this week, he said.
“I think the market is starting to mature,” Currie said of Bitcoin, adding that “volatility and the risks associated with it” are common in emerging assets.
He went on:
“The key to creating some kind of stability in the market is to see an increase in the participation of institutional investors and at the moment they are small […] about 1% of it is institutional money. “
Some of Wall Street’s biggest names have thrown their weight behind Bitcoin in the past year. Legendary investors Paul Tudor Jones and Stanley Druckenmiller have already invested in the digital assets, and companies such as MassMutual and Ruffer Investment Company have acquired significant positions in BTC.
Last month, Anthony Scaramucci’s hedge fund, SkyBridge Capital, filed with the Securities and Exchange Commission launch a new Bitcoin fund.
That’s on top of the tens of billions that MicroStrategy, Grayscale, PayPal and Square have invested together.
Goldman Sachs has even changed its tune on Bitcoin and cryptocurrencies in general. The company is not alone strengthened its human resources to include digital currency experts, but it has also released guidelines on the peaceful coexistence of Bitcoin and gold as macro hedges.
Coinbase, one of the world’s largest crypto exchanges, also has Goldman reportedly recruited for its upcoming IPO.