Brian Kelly: If Wall Street institutions pile in, it will boosting the crytocurrency market

On May 9^th , Brian Kelly, the famous crytocurrency trader and founder of BKCM(an AMC in America), told “Fast Money” on CNBC that if the biggest financial institution, such as NYSE, Goldman Sachs, accepts Bitcoin, there is going to be a surge in crytocurrency market in a short or medium term.

According to CNN，earlier this week, NYSE’s parent company ICE Exchange is developing and testing a Bitcoin exchange created to provide service for investors in traditional financial department. Coverage shows that ICE exchange is not launching a futures market like CME or CBOE but a Bitcoin exchange that allows investors to buy , sell or store Bitcoin directly and the institution will provide a custody plan for the institutional holders.

“I’m actually a bit shocked that the market did not pick up on this. Dominic Chu of CNBC said that investors will get physical delivery of Bitcoin. That doesn’t sound that interesting except for the fact that it means ICE Exchange has a custody solution. That has been the big hurdle. How do you hold onto these assets. These are generally bearer instruments, just like gold bearer bonds. That’s the big deal. They have come up with a custody solution for institutional holders,” said Kelly.

He also noted that the adopting of the custody solution to Bitcoin means it become a emerging asset class and it will open the door and let multi-billion dollar pensions, endowment, and institutional investors get into the market.