Goldman says bitcoin is starting to mature but institutional money is a tiny fraction of the market

SourceCNBC
SectorFinancial Markets
CountryMiddle east

Bitcoin is showing signs of maturity but the level of institutional investment in the nascent market is still very small, according to Goldman Sachs' Jeff Currie.The investment bank's head of commodities research said that more money from the financial world would need to flow into bitcoin in order for it to stabilize. Bitcoin and other cryptocurrencies saw a brutal sell-off on Monday that wiped off as much as $200 billion from the market value of all digital coins combined in just 24 hours.That came after a remarkable surge for bitcoin in the last few months, with the world's most valuable virtual currency hitting a record high near $42,000 last week. Bitcoin is still up roughly 15% since the start of the year, trading 4% higher at a price of $33,873 as of 10:30 a.m. ET on Tuesday.

Ether, the second-largest digital currency, was up 5%, trading at $1,058."I think the market is beginning to become more mature," Currie told CNBC's Steve Sedgwick in an interview Monday. "I think in any nascent market you get that volatility and those risks that are associated with it.""The key to creating some type of stability in the market is to see an increase in ...read more...