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Episode Info: Location: New YorkDate: Thursday, 14th NovProject: KrakenRole: Head of OTC Sales & TradingLiquidity is crucial for any tradeable asset. A liquid market means lots of buyers and sellers, making it easy to move in and out of a position without paying a premium or selling at a discounted price. Increased liquidity also means a smaller spread (the gap between the highest bid and the lowest ask).Bitcoin is the most liquid cryptocurrency by far but compared to traditional stocks, bonds or precious metals, it is still comparatively illiquid. For smaller trades this doesn’t present a significant problem, however, for large traders buying and selling tens, hundreds or even thousands of Bitcoin, this can present a challenge as even $100,000 can move the market significantly, especially during times of low volume.Large traders have the option of using an over-the-counter service which allows them to place an order which is fulfilled by the OTC desk utilising multiple exchanges or other OTC clients orders to limit the effect that these large trades have on the market.In this interview, I talk to Nelson Minier. Nelson is a Wall Street veteran who, for the last two years, has been head of Kraken’s OTC desk. We discuss working on Wall Street, how an OTC desk operates, and if institutional investors are buying Bitcoin.-----Connect with Nelson:- On LinkedInConnect with Kraken- On Twitter @krakenfx- The Website- On LinkedInMentioned in the interview:- Kraken’s OTC desk- Credit derivatives- Facebook Pay- Facebook’s Libra- The Bitcoin Standard by Saifedean Ammous- The Little Bitcoin Book- Nick Leeson rogue trader- Silvergate Bank- Basis points- Ben Lawsky- New York BitLicenseOther relevant WBD podcasts:- WBD167: Jim O’Shaughnessy - From Wall Street to Bitcoin- WBD160: Dan Tapiero on Why Bitcoin and Gold Are Both Important- WBD129: Nicholas Percoco on Defending the Crypto Honeypot- WBD128: Juthica Chou on The First Physically Settled Bitcoin Futures- WBD112: Phil Potter on Bitfinex and Tether- WBD088: Matthew Hougan from Bitwise on Why 95% of Reported Bitcoin Trade Volume is Fake- WBD048: Jesse Powell is Building a Culture of Crypto Values at Kraken-----If you enjoy The What Bitcoin Did Podcast you can help support the show my doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: Bitcoin | Ethereum | Litecoin | Monero | ZCash | RipplecoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options....
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