Financial Institutions Prepare for the Bull Run
In the US, the SEC wants you to believe that crypto has no future, but recent developments suggest otherwise. Several major financial institutions are making moves in the crypto space, indicating their interest and preparation for the anticipated bull run. Here’s what they’re up to:
- BlackRock: The world’s largest asset manager partnered with Coinbase in 2022 to provide access to Bitcoin for institutional clients. Now, in early 2023, they are diving into permissioned blockchains and the tokenization of stocks and bonds.
- Fidelity: Fidelity Investments opened their Fidelity Crypto department to retail users in March 2023. They offer low trading fees and allow users to trade Bitcoin and Ethereum on the same platform as their stocks. Fidelity has also launched multiple ETF options.
More Bitcoin ETFs on the Horizon
Despite recent price dips, Bitcoin is showing signs of recovery, with its price back above $30,000. The market received a boost when BlackRock applied for a spot in a Bitcoin ETF. Following this, several other companies, including WisdomTree, Invesco, VanEck, Fidelity, and Bitwise, also applied for ETFs. Although the SEC has historically denied spot Bitcoin ETF applications, they have allowed future-based Bitcoin ETFs since October 2021. Deutsche Bank has also applied for a crypto custody license in Germany.
Conclusion: Banks Position Themselves for the Bull Run
The crypto winter is coming to an end, and banks are positioning themselves for the anticipated bull run. With major financial institutions entering the crypto space and filing for Bitcoin ETFs, the stage is set for increased institutional involvement and potential market growth.
By
By
By
By
By
By