Wall Street Banks May Soon Accept Bitcoin
● Wall Street banks may later yield to investors’ demand on bitcoin adoption.
● Interests in digital assets keep rising as more banks get ready to invest in crypto market.
Wall Street Banks May Adopt Cryptocurrencies Very Soon
It is no more news that bitcoin and other cryptocurrencies are gaining more coverage lately. Wall Street investors are recently demanding that traditional banks fully adopt bitcoin.
Several large institutions are now showing interest in digital assets. So, it is not entirely surprising if wall street banks eventually yield to investors’ demands to adopt bitcoin.
JPMorgan’s co-president, Daniel Pinto, explained that the moment “asset managers and investors” start using bitcoin, wall street banks will also adopt it.
In a meeting for JPMorgan Chase traders and sales personnel on Jan 20, the head of global markets for the bank, Troy Rohebaugh, made a statement that even though he keeps an open mind about bitcoin but the “demand isn’t there yet.”
Wall Street Banks Already Showing Interest in Digital Assets
Pinto commented on BlackRock getting into the crypto industry via bitcoin futures and using bitcoin in two of its inner funds. He noted that the move by the company indicates that bitcoin is getting more adoption.
Large companies like Tesla, BNY Mellon and others are investing heavily in bitcoin, which has made it gain an even wider acceptance. Right now, crypto followers believe that many large institutions are still going to embrace cryptocurrency.
Not only JPMorgan is showing interest in cryptocurrency right now but other banks as well, even though they are still reluctant to enter the crypto space. In an exclusive meeting between Goldman Sachs and Mike Novogratz, the CEO of Galaxy Digital, Mike talked about his opinion on cryptocurrencies and the macroeconomic structure.
The growing interest in bitcoin alone reveals that it has come to stay and will be widely adopted in the near-term. There is no doubt that if demand keeps rising, banks will later yield to investors’ request.