Yesterday in a gathering of CFA society of Chicago luncheon, Don Wilson, tycoon trader and owner of DRW Holdings explained to a group of more than 200 people why crypto assets like Bitcoin and other cryptocurrencies are vital and why they will change the world.
DRW is one of the largest market makers in the crypto world. Wilson is quick to point out the obvious to emphasize the importance of these crypto assets, he calls it a $400 billion market of cryptocurrency assets.
Cumberland is the unit that DRW holdings use to trade cryptocurrency assets. Currently they trade over 30 crypto assets. They have a presence in over 35 countries around the world.
Mostly they trade the top coins that have big market capitalizations. Bitcoin leads the way in their basket of crypto assets but they also trade others coins like Litecoin and Ethereum.
Answering a question on crypto regulation while giving future predictions he says as much as cryptos are likely to change the world, they are also highly likely to be regulated partly because manipulation is a major concern in the market.
Wilson started of trading at Chicago mercantile Exchange before he left the trading floor and went on to build a high-speed trading firm which is one of the biggest in the city of Chicago. The firm employs over 800 employees.
On whether the central government should feel threatened by cryptocurrencies, he says:
“Certainly, this idea of being able to control monetary supply, control inflation—all of this is completely undermined if there were widespread adoption of cryptocurrencies,”
He also notes that it will take some time before there is widespread adoption.
A number of Chicago traders have entered the crypto market in a bid to find new opportunities while entrepreneurs are also coming up with ideas of new exchanges and how they can service the market. Its apparent many peoplle arer starting to believe in cryptos potential to change the world.
In the comment section below let us know what you think of these comments from Don Wilson.