The fall season of 2019 marked the beginning of the rise in crypto interest
Interest in cryptocurrency started generally since last fall. This was before COVID-19 became well known to everyone. This is the main issue Floating Point Group is trying to raise so that people can make a proper analysis. FPG’s history of being an offshoot of MIT and their activities in algorithmic trading technology may give one a reason to think they are right.
Kevin March, the co-founder of FPG noticed that more clients turned up to his company due to increased interest in trading cryptocurrency. In an interview granted last week he said:
“An increasing portion of our inbound prospects are established industry participants coming from FX, equities and derivatives markets.”
Time to seize the Cryptocurrency opportunity
FPG works in line with laid down regulations issued by the US to help crypto traders with the tools they need. Kevin has also taken note of new interests in the field.
To explain this he said:
“The cryptocurrency markets offer a novel and attractive line of business ripe with opportunities for asset managers and a flashy way to bring in additional clients for service providers.”
Bitcoin has gained more than 170% of the lowest value it reached due to the coronavirus challenge. Part of the reason behind the success story is the new interest it is enjoying. Many key players in the market are investing more into it and this includes Paul Tudor Jones who is the founder of hedge fund.
The rise in interest began last fall
It is true that there has been some increased interest in cryptocurrencies this period but Kevin is of the opinion that the interest started last fall which was in the fourth quarter of 2019. Kevin’s words: “The Covid-19 pandemic seems to have had little effect on this trend.”
About why the coronavirus pandemic has given cryptocurrencies a boost, Kevin said:
“In fact, the inactivity associated with working from home may give many of the relevant decision makers a propensity to think outside the box and consider new strategic initiatives like venturing into cryptocurrencies.”
FPG recorded a fresh investment of $2 million last week. Naval Ravikant, founder of AngelList, was among the investors that called.