Beating Wall Street
Main Street investors have been watching from the sidelines during too many great opportunities while Wall Street and the investing elite have prospered. Take the case of Facebook, Inc. While shares of Facebook have risen 355% since its 2012 IPO, early-stage investors were sitting on gains of up to 60,000% before shares reached public hands.
Similarly, Uber Technologies Inc. now commands a $48 billion private market valuation. This is 12,000 times higher than its original valuation of $4 million, but not one cent of this increase in value has reached the public. Instead, all the gains have been accrued by Silicon Valley insiders and large institutions.
This is not the same with crypto, where everyone has an equal shot of finding the next Uber, Amazon.com, Inc. or Google. Wall Street is just now starting to get involved. Cboe Global Markets and CME Group Inc. launched bitcoin futures in December, which should help the markets function. Meanwhile, The Goldman Sachs Group, Inc. is launching an institutional crypto trading desk.
These are all signs that cryptocurrencies are here to stay, and there is still plenty of money waiting on the sidelines to jump in.
My career on Wall Street started while I was in college. I spent a summer interning for Merrill Lynch in the middle of the ‘90s bull market. I was fascinated with trading, and as a result, after college, I joined Salomon Brothers in the famed mortgage bond trading department. Later, I spent time at Citigroup working with credit derivatives