Mainstream financial institutions like Goldman Sachs are finally beginning to realize what forward-thinking venture capitalists have understood for years: investors need to look closely at the cryptocurrency ecosystem.

A number of months before, Goldman’s hedge fund clients requested the bank to begin providing analysis on bitcoin investments. Back in July, chief technical analyst Sheba Jafari accurately forecast that the bitcoin price would return to about $1,850 before placing a new record during its existing tide; she forecasts it might stretch up to $3,915 prior to the wave is over.

Now, Goldman Sachs is advising institutional investors to provide cryptocurrency a closer look. In a note distributed this week, Goldman analyst Robert D. Boroujerdi advised portfolio managers who with the total cryptocurrency market cap attaining record levels, investments within this space are getting harder to ignore:

With the total value nearly $120 billion, it’s getting harder for institutional investors to ignore cryptocurrencies.

The Goldman Sachs team notes that initial coin offering investments–which are approaching $2 billion in 2017 alone–have exceeded angel and seed funding during the past few months.”

Mainstream financiers have started to view ICOs as digital gold mines and have left profitable posts to stake their own claims. Boroujerdi says that whether or not one believes cryptocurrencies have merit, “actual dollars are at work” in the cryptocurrency space and warrant attention from shareholders.

Whether or not you believe in the merit of investing in cryptocurrencies (you know who you are) real dollars are at work here and warrant watching especially in light of the growing world of initial coin offerings (ICOs) and fundraising that now exceeds Internet Angel and Seed investing.

One barrier institutional investors must conquer is the uncertain regulatory environment. Until lately, ICOs have been largely unregulated. The U.S. Securities and Exchange Commission (SEC) recently issued a judgment suggesting that some ICO tokens are “securities” and thus subject to federal securities laws. It is unclear how soon and to what extent the SEC will start enforcing securities legislation, but Adam Draper of Boost VC advised programmers to avoid using language like “DAO” and “ICO” because the use of such phrases practically guarantees attention from the SEC

Other countries are beginning to view ICOs more closely as well. An advisor to the Chinese national bank recently stated that ICOs require moderate regulation. Only last week, the Monetary Authority of Singapore (MAS) announced it would start regulating token distributions.

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