Wall Street is Entering the Crypto Arena: Significant Names Begin Supporting Bitcoin
Notable Wall Street names start to accept the importance of Bitcoin in today’s financial world, according to New York Times. It seems that more massive companies and organizations are beginning to understand the necessity to step up their game by using the virtual currency that has been so controversial for almost a decade.
The parent company of the New York Stock Exchange enters the crypto game
New York Time reports that the parent company of the New York Stock Exchange, ICE, is currently developing an online trading platform that would allow massive investors to buy and hold Bitcoin.
This important news for the crypto world comes right after Goldman Sachs announced publicly that it plans to open a Bitcoin trading unit which would probably turn out to be the very first one of this kind at a Wall Street Bank.
These two moves made by ICE (Intercontinental Exchange) and Goldman Sachs mark a highly significant shift toward the mainstream for a digital token. As you now, Bitcoins and all crypto have been associated with the underworld and high risks and they have been called speculative investment.
The increasing interest coming for Bitcoin from Wall Street power brokers will definitely mark a new chapter in the history of Bitcoin.
Governments and corporations express their interest in the blockchain
Many corporations and governments expressed interest in the technology introduced by Bitcoin, the blockchain. Large financial exchanges including Chicago Mercantile Exchange have created financial products linked to the price of Bitcoin. The new operations at ICE would offer more access to Bitcoin by placing the actual tokens in the accounts of the customers at the end of the trade.
Adena Friedman, the chief executive of Nasdaq recently stated that her company is also interested in creating a virtual-currency exchange if regulatory issues are defined.
Currently, Bitcoin is trading at $9,369.36 on CoinMarketCap.
Even if Bitcoin is currently still facing a lot of skepticism in the mainstream financial world, the latest Wall Street moves, and the companies’ growing interest in it will support the cryptocurrency’s future.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.