Until governments really start to accept cryptocurrencies of some way, shape, or form, it’s gonna be very difficult for the major institutional investors to tap into crypto, according to the CEO of futures exchange operator CME Group, Terry Duffy.
“We’ll have to do a wait and see,” he added in an interview with Bloomberg TV, when asked about what is holding institutions back from jumping with both feet into crypto.
“I was a big believer that we needed to go forward and list bitcoin in some way, shape, or form,” Duffy explained, while emphasizing that this is “a brand-new asset class that is coming to the marketplace, so you need to be able to walk before you run.”
“So I think the government needs to be more involved,” he concluded.
In the interview, Duffy also touched on moves made by the major investment bank JPMorgan, which has become controversial in the crypto community after several polarizing statements about bitcoin by CEO Jamie Dimon. However, as pointed out by Duffy, even this bank is now turning positive towards crypto, and is even working on its very own JP Morgan coin.
“They were very […] pessimistic on the whole bitcoin idea a couple of years ago, and now they’re coming up with some offerings. Goldman Sachs is on the same way,” Duffy said, stressing that the key to the success of any currency, whether it’s fiat or crypto, is going to be associated with the government.