Now Ethereum is picking up speed on Wall Street

$10 billion fund CEO: Now Ethereum is picking up speed on Wall Street

Cryptoadaptation on Wall Street is booming. Well, the Bitcoin adaptation, anyway.

In recent months, the number of Wall Street investors and prominent companies dealing with the leading crypto currency and the associated block chain technologies has increased again.

Paul Tudor Jones, a billionaire investor known for outperforming the markets in the 1970s and during the Great Recession, kicked off before this year’s half. In a Bitcoin Evolution research note he revealed that he considers Bitcoin to be the „fastest horse in the race“ in a world where inflation is rampant.

This was confirmed by a number of other prominent Wall Street veterans – including those inside and outside the crypto room. This list includes Stanley Druckenmiller, Rick Rieder, Mike Novogratz and Raoul Pal.

So far, however, Altcoins have not yet gained a foothold among institutional actors, apart from their role as technology to be used.

Top space managers expect this to change in the coming months.

According to Grayscale MD, Ethereum is becoming more popular on Wall Street

Michael Sonnenhein of Grayscale Investments believes that Ethereum is likely to become more attractive as an „asset class“ with more institutional players. Sonnenhein on this topic:

„In the course of 2020, we will see a new group of investors first in Ethereum and in some cases only in Ethereum. There is a growing belief in Ethereum as an asset class“.

In the same interview, he added that he believes Ethereum has reached a point where its lasting value resembles, so to speak, that of Bitcoin.

This is largely due in part to the rise of decentralised finance (DeFi), which has found a home on Ethereum, unlike other intelligent block chains focused on contracts.

Ethereum hosts the vast majority of the most important DeFi applications in terms of total value and the value of their native crypto currencies.

As DeFi Pulse shows, Ethereum hosts MakerDAO, Wrapped Bitcoin, Compound, Aave, Uniswap and the other 20 or so top DeFi applications.

Many expect this to continue due to the ongoing positive trends in the DeFi sector and simple network effects.

Paul Tudor Jones talks about ETH

As if to demonstrate Wall Street’s growing commitment to crypto assets other than Bitcoin, Paul Tudor Jones recently mentioned ETH in an interview with Yahoo Finance.

According to Jones, there could be a world where there is a precious crypto-currency like Bitcoin and an industrial crypto-currency, referring to something like Ethereum. Tudor Jones did not go into the idea further, but many see this as confirmation that prominent investors on Wall Street will soon view Ethereum as both a technology and an investment.