RBC CEO: Institutions still down with crypto, which will be worth $3 trillion

05 Sep, 2018
by Arthur Sillers
RBC CEO: Institutions still down with crypto, which will be worth $3 trillion

The recent market plummet which followed Goldman Sach’s pulling the plug on its Bitcoin trading desk has some in the cryptoverse worried that institutions are cooling towards adopting cryptocurrencies.

Speaking to CNBC, Mitch Steves, CEO of multinational investment firm Royal Bank of Canada (RBC) attempts to assuage those fears, claiming that the institutional investors he speaks to personally are still committed to adopting crypto.

Goldman Sachs is reportedly putting a stop to its #bitcoin trading desk, but @RBC's Mitch Steves says Wall Street isn't over #crypto just yet. pic.twitter.com/c0paalEsL6

— CNBC's Fast Money (@CNBCFastMoney) September 5, 2018

Mitch Steves asserts that Goldman-Sachs specifically is having trouble getting institutional investment. Steve mentions that Goldman-Sachs has a viable entry into the retail space through their investment in the exchange company Circle, but is waiting for a Bitcoin ETF to be approved before they can get the institutional buy-in that will make introducing a crypto trading desk worth it.

Steves went on to reiterate his claims that the crypto space will be worth $1 Trillion in the future, but claims that part of the way to get there will have to be the SEC approving a Bitcoin ETF.

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