Before joining the alternative investment industry as a director at Fortress investment group in 2002, Peter Briger worked in the banking industry. He had started in the lower management positions at Goldman Sachs before eventually making it to partner in 1996.
During his tenure here, Peter served as a senior market researcher and analyst. Peter, therefore, possesses a deep industry experience in finance and money markets. In 2013, the experienced business leader sought to put this expertise and experience into use by brokering a cross-industry partnership that aimed at introducing the lucrative bitcoin investment into the wall street.
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Wells Fargo meeting
Peter Briger started by inviting top Wells Fargo bank officials to Fortress Group Headquarters in New York on a meeting. To a large extent, the sought to identify and address the critical challenges facing mainstream adoption of bitcoin. Key among these, according to the meeting, was the lack of a proper regulatory framework.
This lack of regulation exposes investors to the unhedged, highly risky, and extremely volatile bitcoin prices. The brainstorm session would end with the Fortress team led by Peter Briger and Wells Fargo bankers agreeing to set up a regulatory framework for the coin.
Hitting a snag
However, before peer and the Wells Fargo team finalized on the regulatory approach, the cryptocurrency hit yet another crisis. This forced Fortress investment Group where Peter Briger heads the credit and real estate division to scale back on its digital currency engagements. Similarly, the Wells Fargo team demurred on its commitment towards the volatile currencies.
While Peter Briger and his fortress team were unable to establish a successful regulatory framework for the coin, the meetups and ensuing discussions had meaningful achievements. The fact that one of the largest banks in the country, Wells Fargo, was willing to partner with one of the most successful Hedge funds, Fortress Group, in a bitcoin craze ignited an industry-wide interest in bitcoin.
This has seen, though to a limited extent, several hedge funds and wall street investors plunge into the bitcoin market. Peter believes that this involvement only serves to fuel fueling the discussion and bringing the age of regularization even more close.