Leah Wald, CEO of asset management firm Valkyrie Investments, admitted in an interview with CNBC that confidence in the crypto industry has definitely been shaken.
Investors fighting to stay afloat
Wald explained that Bitcoin (BTC/USD) is now trading at a level where most people bought in, so it makes sense “we’d find support here.”
The two biggest crypto assets are gaining again and are highly correlated, and investors will make every effort to stop their investments from going under.
When asked whether they would be willing to get back into cryptos again, however, Wald expressed uncertainty. It seems unlikely against the backdrop of the devastating market. She mentioned the liquidation of 3AC and that Celsius, a lender to many retail institutions, appears to be insolvent.
Crypto carnage “opens doors for regulators”
On this subject, Wald assured Valkyrie “welcomed” regulators and pointed out the asset management firm has three regulated ETFs in the US. She suggested:
Regulators need to take a look behind the scenes at what is happening not only with lenders but also with funds…Valkyrie welcomes regulation that’s in support of the industry.