The banks are coming. After years of derision and suspicion, major banks are gradually warming to Bitcoin (BTC), with many major financial institutions beginning to roll out crypto-related services.
In the past, much of the Bitcoin community was taken to declaring, “Long bitcoin, short the bankers.” But now that the likes of Goldman Sachs, Morgan Stanley, BNY Mellon, State Street, Deutsche Bank and others are entering the crypto space, is it now to long banks as well as BTC?
According to industry players speaking with Cryptonews.com, involving themselves in crypto will be a large net positive for banks with few risks (assuming that they don’t hold crypto themselves). Likewise, while certain commentators suggest that a large bank-based custodial layer could create systemic risk for crypto, others claim that the involvement of banks will largely make crypto more secure and stable.
Banks jump on the bandwagon = the bandwagon speeds up
It seems that barely a fortnight is going by without some major bank or financial institution announcing that it’s dipping its toes in crypto in one way or another.
Back in February, America’s oldest bank BNY Mellon revealed that it was rolling out services for its wealth management clients, who could buy, hold and sell bitcoin through the bank. Likewise, Morgan Stanley