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Monday, October 16, 2017

Brace yourself: Wall Street (and government regulators) are coming...

Cathie Wood, CEO of ARK Investment Management appeared earlier today on Bloomberg to discuss how Wall Street is in a race to offer cryptocurrency options to their fund investors.

ARK has had a great year, with their holdings up nearly 75% investing in companies Tesla, NVidia, and Amazon.  But when looking for the next round of big returns - they're eyeing cryptocurrencies.

This news comes after a mixed month of feedback from Wall Street.

With doubters like JPMorgan CEO Jamie Dimon calling bitcoin a "fraud".

Along with new believers like former Goldman Sachs partner Michael Novogratz, who's putting together a massive $500 million dollar bet that Bitcoin's value will double yet again.

Cathie Wood responded to some of Jamie Dimon's negitive remarks “Jamie is talking about store of value, I actually think this has a lot over fiat currencies” Wood says.

But be warned: where the Wall Street crowd goes, government regulators follow.

2018 is starting to look like the year when both big money, and big government will dive in head first.

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Author: Oliver Redding
Seattle News Desk