Back in 2013, a major meeting took place that would forever change the trajectory of Bitcoin. Wells Fargo executives sat down with the Fortress Investment Group to assess the chances of coming together to create the very first nationally regulated Bitcoin exchange.This project may have been controversial at the time but when Peter Briger delivered his pitch, all of these feelings began to melt away. He explained the appeal of Bitcoin to all of the present parties and provided them with a road map to the future.Bitcoin essentially functions as a form of digital gold that allows purchases to take place all over the world. He attempted to steer Wells Fargo in this direction but they pulled back from their potential partnership with Fortress Investment Group in the wake of a momentary Bitcoin crisis.
This meeting served as a precursor to Wall Street’s involvement with the cryptocurrency. Briger’s interest began back in 2013 and only continued to grow from there. In his mind, this technology simply made too much sense not to implement. Once American government officials decided to pledge their support to the new technology, Briger’s road became even easier. After the hearings took place, the same Wells Fargo officials that were once reticent to consider the possibilities when it came to Bitcoin had changed their tune completely. They were ready to consider all of the benefits that the cryptocurrency had to offer. This development also paved the way for a greater level of Wall Street involvement. After Wells Fargo decided that they were ready to work with Fortress Investment Group, this is what set the stage for what was to come.
While Wells Fargo eventually decided to pull out of this involvement after a Bitcoin executive was arrested for money laundering, the process that would culminate in Wall Street’s involvement had already begun.Briger’s actions allowed the negotiation process to begin and this is considered to be an instrumental moment in Bitcoin’s journey. This cryptocurrency that was once thought to be the exclusive domain of Silk Road drug peddlers has since become a legitimate form of currency. Fortress Investment Group is at least partially responsible for this shift and Peter Briger led the charge. The negotiation process may have taken a few years to be completed but thanks to the efforts of Briger, Wall Street was able to take the time that that they needed to investigate and now their venture into Bitcoin is stronger than ever before.