Wall Street Feels The FOMO Fever, Blockchain VC Partner Says

A partner at Blockchain Capital believes that Goldman Sachs' decision to begin trading cryptocurrency derivatives will trigger a sentiment of FOMO in other large financial institutions operating out of Wall Street.

Goldman Sachs’ green light on cryptocurrency trading is bound to start a domino effect in Wall Street circles, said Blockchain Capital partner Spencer Bogart. He considers that the Goldman Sachs decision will snowball into other banks, and not just because they’re following the company’s lead.

“It’s definitely a big step. I don’t think it’s a perfect solution, that all of a sudden opens the floodgates to the institutionalization of Bitcoin [...] Banks are not just going to follow just because it’s Goldman Sachs, and that’s what a lot of banks do, follow what Goldman does. This market is so large that you can’t ignore it anymore. I’m sure that most of these banks have heard about the numbers that companies like Coinbase and Binance are putting up. There’s a real risk that some of these companies could overtake some of Wall Street’s biggest banks if they don’t get in the market,” he said during an interview with CNBC.

Binance was recently approached by Sequoia Capital with an offer and was subsequently sued when the giant exchange cozied up with a more enticing offer from IDG Capital. The company made $200 million in the last quarter of 2017, proving that it can be a strong contender with the potential to throw around a significant amount of weight in capital markets around the world.

This revelation might be inspiring a desire from Wall Street banks to somehow involve themselves in this space before they lose their chance. If Wall Street starts to feel the FOMO phenomenon, this will surely trickle down to the more amateur traders who have not yet gotten their feet wet in the cryptocurrency market.

There is the chance that other coins will enter the fray as major financial institutions start noticing - and acting upon it.