Wall Street Exodus Continues as Cryptocurrency Industry Becomes More Attractive
Wall Street has always been an exciting place for anyone with financial aspirations. A lot of major firms make up the Wall Street as we know it today, but things have been changing fairly rapidly. Growing interest in cryptocurrency is motivating a lot of people to quit the world’s financial hub in favor of completely different pastures.
Wall Street is a Temporary Stop
For as long as most people can remember, Wall Street has been considered the pinnacle of the financial sector. A lot of people have high expectations of any firm and individual active in this industry, although it seems things are quickly changing in this regard. That can only be considered a good thing, especially when considering that there are other innovative markets out there.
Although Wall Street has made many people a lot of money over the past few years, it may be in danger of being supplanted. The cryptocurrency industry is attracting so much attention these days, virtually anything can happen in this particular industry. Even firms active on Wall Street are paying close attention to what is going on with Bitcoin and altcoins.
In fact, it seems there are more and more people giving up high positions on Wall Street to pursue ventures in the cryptocurrency world. While it is not uncommon for Bitcoin companies to hire experts from the financial sector, it seems a lot of executives from Wall Street are making the decision to enter cryptocurrency on their own accord. A lot of them have simply set up their own ventures, knowing all too well that the cryptocurrency industry remains incredibly volatile.
Asim Ahmad, formerly of BlackRock, Inc., explained his decision to jump ship as follows:
I’m in a position where it doesn’t make sense to work at BlackRock anymore. The one-day volatility of my portfolio is higher than my salary, so if I get a few investments right, then I’ll have made the same as my yearly wage and everything else on top is a bonus.
This goes to show that there is a positive side to cryptocurrency’s volatility. Although not everyone will profit from these massive price changes, the ones who get the timing right will certainly make some good money. At the same time, chasing pump-and-dump cycles can lead to traders losing a lot of money. Taking calculated risks is one of the unwritten rules in the cryptocurrency world.
Whether or not this trend will continue remains to be seen. The year 2018 hasn’t been kind to most cryptocurrencies, yet the overall excitement is not calming down by any means. In fact, the current dip may attract even more people to leave Wall Street in search of cryptocurrency-related pastures. The future looks rather interesting for Bitcoin and altcoins; that much is rather evident.