Gabor Gurbacs, the digital asset director at VanEck has opined that a good number of old Wall Street asset managers have missed out on opportunities that could’ve added more money to their AUM.
He recounts his experience with the asset managers in question, explaining that his Bitcoin allocation suggestions were met with dismissal. “Old Wall Street portfolio managers laughed at me when I recommended allocating 1-3% of their portfolios to Bitcoin.” He wrote.
After Bitcoin’s unprecedented rally to a new trading value, he flips the pages back to see that the Wall Street giants could’ve hit it big for their clients —had they found an entry point to key into the market as at when he recommended Bitcoin.
His Twitter post goes on to say:
“They picked zombie bonds instead and missed out on billions in gains & opportunity. Same with other innovation themes. It’s too late. A new Wall Street was built.”
In the words of many prominent Bitcoin users in the cryptocurrency community, “the market is still in its early stages.” Perhaps this means the Wall Street managers may have a chance to sling their shot and not miss. But the conditions proposed by Mr.Gurbacs take an “out with the old, in with the new” approach. With every decision managers make, a client’s increasing asset value either rises or drops.
Bitcoin has been proposed by billionaires and industry personalities as the most promising asset in the market, but with managers refusing to take a chance on the leading cryptocurrency despite its commendable performance over the years, flushing out these managers to create space for other well-informed personnel who are open to the possibilities, could be the only fix. This is what Gurbacs implied in a follow-up tweet that reads
” Furthermore, Old Wall Street keeps missing opportunities on their clients’ expense, not their own. The old guard has fallen behind so much in technology, market structure and understanding of new business models, that I’d say many are no longer suitable to manage any client money.”
Meanwhile, skeptical managers have not stopped Wall Street analysts from recognizing the potential in Bitcoin. Kenneth Hills of Loop Capital Markets joined his fellow Wall Street analysts to give Bitcoin a bullish review, following Coinbase’s debut on the stock market. Hill concisely pointed that the company has “lots of runway” prepared for it to successfully “takeoff.”
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Source: https://zycrypto.com/why-vanecks-gabor-gurbacs-wants-bitcoin-skeptics-quashed-out-of-wall-street/
