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JPMorgan and Morgan Stanley Show Interest in Bitcoin.
Morgan Stanley’s $ 150 billion investment arm is considering investing in bitcoin as the rising price of the largest cryptocurrency attracts the attention of Wall Street players, according to a published report..
Confirming Growing Interest in Cryptoassets, JPMorgan Co-Chair Daniel pinto stated on Friday that «sure», that demand for bitcoins will rise to the point where the Wall Street giant will simply «will have to participate in this».
Bitcoin price hit an all-time high of $ 50K on Tuesday, a significant rise from the $ 4K low in March 2020.
Tesla’s announcement of a $ 1.5 billion bitcoin acquisition last week hit record highs. Mastercard and BNY Mellon also added momentum by opening up access to bitcoins.
According to Bloomberg, Counterpoint Global, a division of Morgan Stanley, is currently examining whether to invest in cryptocurrencies. Morgan Stanley declined to comment.
JPMorgan’s Pinto told CNBC on Friday: «If, over time, an asset class develops that will be used by various asset managers and investors, we will have to participate».
«There is no demand yet, but I am sure that someday it will be», – he added.
As Wall Street’s interest in bitcoin grows, several other institutions are starting to work with cryptocurrencies..
Bank of New York Mellon plans to issue, store and transfer clients’ bitcoins, The Wall Street Journal told The Wall Street Journal on February 11, as a key milestone in the process of ensuring widespread adoption of cryptocurrencies..
America’s oldest bank will soon allow digital currencies to be treated like more traditional investments in their asset management system.
Mastercard will begin allowing customers to use certain cryptocurrencies on its network later this year, although it does not specify which ones..
«We are preparing right now for the future of cryptocurrency and payments by announcing that Mastercard will begin supporting select cryptocurrencies this year directly on our network.», – wrote last Wednesday on my blog Raj dhamodharan, Executive Vice President, Digital Asset Products.
BlackRock has authorized two of its funds to invest in bitcoin futures, according to filings with the Securities and Exchange Commission in January..
A $ 8.7 Trillion Asset Manager Says He Can Use Bitcoin Derivatives, Among Other Assets, Through BlackRock Strategic Income Opportunities And BlackRock Global Allocation Fund.
Tesla Ilona mask contributed to the latest jump in bitcoin prices by announcing that the company had invested $ 1.5 billion in bitcoin in January. Tesla also announced that it plans to accept bitcoins as payment..
Even though Tesla is not on the open market, the $ 780 billion electric vehicle company’s market cap means people are paying attention to where it’s putting its money. Other companies like MicroStrategy and Galaxy Digital also have significant Bitcoin holdings.
Analysts say the large inflow of funds to the Grayscale Bitcoin Trust is a sign of the growing interest of institutional investors in the cryptocurrency, as the rules of many firms do not allow them to buy tokens directly..
Crypto investment firm Grayscale saw assets under management increase tenfold in 2020 as the wider adoption of bitcoin attracted billions to its trusts. Institutional funds accounted for 93% of all inflows in the fourth quarter, according to its quarterly report released in January..
According to a study by Chainanalysis cited by Coindesk, an increase in the number of «whale wallets», containing at least 1,000 bitcoins can also be a sign that institutional investors are buying up cryptocurrency.