Major American Banks have taken a strong stance on Bitcoin as they do have the responsibility to address the rising demands of a digital currency. As inflation rates continue to grow, less fortunate people are feeling the impact of this economic devastation and continue to resort to other investment opportunities.
JPMorgan warming to Bitcoin!
JPMorgan has been and still is heavily critical of the Crypto market in general along with the CEO, Jamie Dimon. Jamie has cautioned people from investing in Bitcoin for a long time. Although the company is not as vocal for its disdain of Bitcoin, it has experimented with digital currencies by launching its own digital currency, JPM coin. Along with bringing in Coinbase and Gemini two massive Crypto Exchanges into its arsenal! It utilizes blockchain technology to address common issues faced by clients who want to transact from different countries. It has also raised concerns about a possible bear market citing the 2018 crash, which advocates for Bitcoin have taken issue with. In addition to stating that the demand for Bitcoin from institutional investors has decreased, which is verifiably false.
Goldman Sachs going all-in on Ethereum!
Goldman Sachs is planning to go all-in after investing in Crypto start-ups. The interest of clients in digital currencies has been conveyed and it is about time that banks start catering to their demands with major banks already on the cusp of releasing their own digital currencies or facilitating transactions. Goldman Sachs has plans for futures trading in Ether, along with offering options. Ethereum has not been the focal point for many investors as Bitcoin has attracted investors from around the world. Although major changes are already in the world from going to the proof of stake protocol to improving scalability. Goldman Sachs hopes to benefit from Ethereum while most banks and institutional investors are caught up with Bitcoin.
Wells Fargo offering Crypto services to wealthy clients!
Wells Fargo a major US bank has also committed to giving its wealthier clients appropriate crypto funds. According to the Bank, some cryptos have gained stability while those that haven’t can be quite favorable for clients that can afford such volatile assets. This took place around the time of the infamous crypto crash that send Bitcoin and other altcoins down by almost 30%. Although there have been no new updates on any additional policies.
DWAYNE D’CUNHA, WRITER ON MEDIUM.
Originally published at https://www.linkedin.com.