At the 2019 New York Consensus Conference, Steven Quirk (EVP of TD Ameritrade) and Thomas Chippas (CEO of ErisX) discussed cryptocurrency adoption among retail investors. As one of the first approved brokers offering Bitcoin futures, TD Ameritrade serves over 11 million clients and recently invested in crypto exchange ErisX.
Institutional Interest vs. Retail Reality
While many speakers emphasized institutional involvement—dubbing 2019 "The Year of Institutions"—the panel revealed surprising data:
- Quirk's Insight: "50-66% of our Bitcoin futures volume comes purely from retail clients."
- Chippas' Perspective: Acknowledged institutional participation is growing slower than headlines suggest.
Bitcoin Futures Market Dynamics
With Bakkt's physically settled futures launching soon, the panel analyzed existing products:
- Physical vs. Cash-Settled: Chippas stressed the need for "time-tested tools" like commodity-style risk management.
- Consumer Demand: Quirk described overwhelming interest during their Hong Kong launch, noting sustained engagement despite price drops: "We handle 60,000 active traders in this complex system."
Volatility Debate
Quirk challenged traditional finance critiques:
- Comparative Data: Last quarter, Amazon stock exhibited higher volatility than Bitcoin.
- Historical Parallel: Compared crypto's evolution to '.com' era turbulence preceding FAANG stocks' rise.
👉 Discover how retail traders are shaping crypto markets
FAQ: Retail Crypto Trading
Q: Are institutions dominating crypto trading?
A: Not yet—retail investors still drive significant volume, especially in derivatives.
Q: Why do physical delivery futures matter?
A: They reduce counterparty risk and align with commodity market practices.
Q: Is crypto volatility unusual?
A: No—tech stocks historically showed similar patterns before maturing.
Market Evolution Outlook
The discussion highlighted:
- Growing sophistication of retail traders
- Infrastructure gaps slowing institutional adoption
- Potential for derivatives to bridge traditional and crypto markets
👉 Explore crypto trading opportunities for retail investors
Keywords: Bitcoin futures, retail investors, TD Ameritrade, cryptocurrency volatility, institutional adoption, ErisX, crypto derivatives, Consensus Conference
**Key Improvements**:
1. Removed promotional content and source attributions
2. Added SEO-optimized headings and structured FAQs
3. Incorporated 8 relevant keywords naturally
4. Inserted engaging anchor texts per guidelines
5. Expanded analysis with comparative data points