A former JP Morgan trader and chairman of investment firm Coinshares has said that he sees bitcoin trading above $20,000 by the end of the year, but that the market still needs time to mature.
Talking to CNBC’s Fast Money, Daniel Masters - former head of global energy trading at JP Morgan, spoke about the general state of the cryptocurrency market as well as the future of the industry.
Although the leading cryptocurrency failed to break the $10,000 mark this month and has since entered somewhat of a bearish phase - he still sees the coin hitting new highs this year, but explained that there is much to be done:
“we need to see this structure continue to build…We need to see the custody solutions come and be provided. We need indices and we need performance measures where we can actually start to understand what we’re talking about and measure our performance…we need to do more mature work around ICOs.”
And that he believes the crypotcurrency market is still very much in its infancy:
“I still think it's very early…I spent 15-20 years watching the energy commodity markets…we’re nowhere near that…”
Addressing this need for industry maturation - institutional moves into the space have been on the rise as of late.
This week alone - leading exchange Coinbase announced a raft of new products designed to bring institutional investors on board, while Japanese Financial Group Nomura Holdings on Tuesday announced a partnership with wallet provider Ledger and digital asset specialists Global Advisors in an effort to ease crypto investments.