Millennial traders chasing cryptocurrency rainbow riches

Millennial traders chasing cryptocurrency rainbow riches

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In an interview on “Bloomberg Surveillance,” Edward Robinson says that while millennial traders want to make a quick return on their investments, there are other reasons at play:

“It also says something about what has happened in banking since 2008. I mean these guys that we looked at in the story, they joined the financial services industry just as the crash hit. So, the golden age, all of a sudden it just vaporized before their eyes. All the action kind of went away and it became a regulatory and so forth. And they said, ‘we got bored.’ And then along comes bitcoin and along comes crypto and it opens up this greenfield where they can kind of open up their parallel capital market with all the expertise that they learned and were deploying or wanted to deploy when they were in banking.”

Robinson said the total cryptocurrency market capitalization right now is around $500 billion or less, although in early December it was between $700 billion and $800 billion.

 

He fully expects cryptocurrency to be regulated in the near future:

“It would be difficult to say that it won’t be [regulated] given all the action in the last three weeks. We have numerous incidents of theft. You saw that with Coincheck in Japan over the weekend. We’re seeing numerous incidents of fraud that are taking place and you have a lot of retail investors in households that are starting to put their savings into these things. That gets regulators’ attention.”

 

You can see Robinson’s interview on “Bloomberg Surveillance” here.