Institutional players on Wall Street have all gradually changed their views on Bitcoin and cryptos. Most are now in a position to offer crypto services in the near future.
There was a time when Wall Street blocked its nose while talking about Bitcoin! Indeed, Bitcoin, like all other cryptos, was looked down upon by the headquarters of traditional finance. Since then, the tide has turned …
Bank of America, JPMorgan, US Bank… one step away from Bitcoin
Recently, the famous Bank of America (second bank in the United States) spoke about cryptocurrencies. The bank said in particular that cryptos could no longer be “ignored”. For her, the sector has become too “important” now. This statement is the result of a crypto study sponsored by Bank of America.
This exit from the woods brings to mind other positions taken by major American banks. For example, US Bank, 5th largest bank in the United States, recently announced that they are working on the launch of crypto services.
If we rewind even more, we may often hear from the announcement of JPMorgan, the leading bank in the United States. The bank has declared itself ready to set up crypto services to its customers. For his part, Goldman Sachs which is the seventh largest bank in the United States, is getting closer and closer to cryptos. Last April, the bank said the Bitcoin was “important for the future of the financial system”. Since then, the bank’s intentions have become clearer with a partnership envisaged with Ripple or the creation of an ETF.
Bitcoin on the way to becoming “mainstream”
Bitcoin and cryptos are therefore no longer taboo for Wall Street. Institutional players in traditional finance have understood that they were going to have to do with crypto. While most are working on providing crypto services, it is only a matter of time for Bitcoin to become mainstream. In fact, that’s the phrase recently used by Dawn Fitzpatrick, CEO and Chief Investment Officer at Soros Fund Management. As a reminder, the investment fund announced yesterday its decision to start trading Bitcoin.
At the time of writing this article, Bitcoin’s price is € 46,771, up 1.6% over the past 24 hours. Over the last 7 days, the price of Bitcoin has increased by more than 22%. Many signals are green for Bitcoin at the end of 2021.
In particular, this is one of the first times in history where we see so many institutional players on the starting blocks with Bitcoin. All that remains is to transform the test and move from the stage of “intentions” to that of “actions”. In this bullish context, there is no doubt that the effective launch of crypto services by one of its major players would have a major impact on the price of Bitcoin.
