Wall Street Titans Are Becoming More Bullish On Crypto

That doesn't necessarily mean you should go out and bet big on Bitcoin, though. Wall Street Titans Are Becoming More Bullish On Crypto Cristobal Herrera - Ulashkevich/EPA-EFE/Shutterstock

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Just because many of the world’s most robust and influential money management firms are starting to invest more heavily in digital currencies doesn’t necessarily mean that the industry is a safe bet for ordinary investors.

But it’s still worth taking a look into how these finance companies are beginning to incorporate crypto into their plans for the future.

On an upward swing

You might have noticed that Bitcoin and certain other digital assets have seen big gains in value this year after taking a collective tumble throughout much of 2022. That could continue in the near term after recent declarations by some big players in the financial realm:

  • Asset management giant BlackRock is expected to use Bitcoin as a building block for its new exchange-traded fund.
  • The global Deutsche Bank is exploring plans to expand into crypto custody, which will give clients a place to park their digital currencies.
  • Citadel Securities, a leading hedge fund, is financially supporting a new crypto exchange platform.

Along with investments from major entities including Fidelity Investments and Charles Schwab, it seems clear that major crypto companies won’t have to look too hard for support. But what does it mean for you?

An uncertain future

As you’re probably aware, there have been some shady characters operating within the crypto market in recent years. Of course, that’s to be expected in this new and largely unregulated market — and it’s possible that as crypto matures, some of these risks will be mitigated.

In fact, the recent interest in this industry from financial titans could help smooth the rough patch caused by last year’s collapse of the FTX crypto exchange.

But with Bitcoin’s value soaring a whopping 81% just since the beginning of this year, betting on crypto can be a costly decision.

Chris Agee
Chris Agee June 26th, 2023
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