From Denial To Embrace: How Do Wall Street Elites View Web3?


29 Jun 2023 3:42 AM

Five years ago, if you mentioned Bitcoin to traditional finance professionals, they would likely scoff at the idea. However, if you were to bring it up...

  • Five years ago, traditional finance professionals scoffed at the idea of Bitcoin, but now they discuss its potential to reach new highs.
  • Wall Street elites, including Warren Buffett and JPMorgan Chase, initially criticized Bitcoin, citing its lack of intrinsic value and calling it a decentralized Ponzi scheme.
  • However, a new generation of investors, like Elon Musk and Cathie Wood, have embraced crypto and made bold predictions about its future.
  • Leading investment firms, such as JPMorgan Chase, Goldman Sachs, Citigroup, Wells Fargo, and Morgan Stanley, are now accepting and venturing into blockchain and cryptocurrency.
  • Wall Street's shift in attitude towards cryptos is driven by their market cap and the emergence of Web3 applications like DeFi, NFTs, and DAOs.
  • However, Wall Street's acceptance of Web3 is more about preserving the legacy financial system rather than fully embracing it.

The sentiment towards Bitcoin and cryptocurrency has shifted from contempt to acceptance among Wall Street elites. While there are still critics, a new generation of investors and leading investment firms are embracing crypto and recognizing its potential.

Go to publisher site

You May Ask

How did Wall Street elites initially view Bitcoin?Who are some prominent figures that have embraced crypto?Which investment firms have accepted and ventured into blockchain and cryptocurrency?What are some emerging categories in the crypto space?Is Wall Street fully embracing Web3 or just accepting it to preserve the legacy financial system?

Suggested Reads