Ken Moelis, the chairman of an international investment bank and financial advisory Moelis & Co disclosed during a Bloomberg Deals that he is exploring the crypto industry and for new possibilities both for himself and for business.
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Talking about the crypto industry, Moelis said his entity is more tended to have expertise preceding taking any steps. The entrepreneur said crypto is a big market with plenty of funds and projects and he is careful of entering the space.
Referring to major banks like Goldman Sachs offering crypto-based products, Ken Moelis said there are similarities between the 1848 gold rush and crypto adoption.
As for meme-stock frenzy, Moelis said it's a way of having fun and show disagreement with the Wall Street system. He informed that his children are also involved in the activities and often tell him news about certain stocks.The billionaire compared meme frenzy to a casino, where the most blustery craps tables attract more players. While 70-80% are just having fun being ready to lose some money, there is always someone who will lose their mortgage.