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JPMorgan, Goldman Sachs & America’s Top Banks Rush to Control Bitcoin: Report
A recent report reveals that major US banks are rapidly expanding their Bitcoin trading and custody services, marking a significant shift in the industry. The development comes as a surprise, considering the traditional reluctance of financial institutions to engage with cryptocurrency.
According to the data, 13 out of the top 25 banks in the US have already launched or are preparing Bitcoin-related products. The list includes notable names such as JPMorgan, PNC, Charles Schwab, and State Street, among others. Additionally, other major players like Citigroup, Wells Fargo, Goldman Sachs, and American Express are providing limited access to select high-net-worth clients.
This sudden change in stance can be attributed to the increasing mainstream adoption of Bitcoin. The report highlights how banks such as Morgan Stanley have gone from being skeptical about crypto to actively considering recommending Bitcoin ETFs to their clients. Similarly, Charles Schwab plans to incorporate Bitcoin and Ethereum trading into their unified investment platform to meet growing customer demand.
The trend is not limited to just trading services; major financial institutions are also exploring or integrating blockchain-based settlement systems and stablecoins. This includes State Street, BNY Mellon, Citi, and JPMorgan, which have reportedly started testing these technologies.
Noted Bitcoin advocate Michael Saylor has previously predicted that banks would start lending against Bitcoin, the US government would hold Bitcoin reserves, big tech companies would embrace BTC, and it will be easily accessible on devices like iPhones. It appears that this vision is gradually becoming a reality.
As the financial world continues to shift its stance on cryptocurrency, the United States seems poised to become a central hub for global crypto innovation.
Source: coinpedia.org
