Bitcoin Gains Unexpected Allies As Financial Giants Turn From Skeptics To Supporters
Portfolio Pulse from Murtuza Merchant
Several traditional financial institutions have reversed their previous cautious stance on Bitcoin, increasing their exposure to the cryptocurrency. BlackRock, Deutsche Bank, Santander Bank, Citadel Securities, and Societe Generale have all shown interest in offering crypto-related services. This shift comes despite regulatory actions against crypto-centric firms like Coinbase and Binance. Bitcoin's price has increased by nearly 15% over the past two weeks, demonstrating its resilience.
July 02, 2023 | 2:17 pm
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BlackRock has formed a partnership with Coinbase Prime to offer crypto trading and custody services, and launched a Bitcoin trust for its private clients.
BlackRock's move to offer crypto services indicates a positive shift in its stance towards Bitcoin, which could potentially attract more clients and increase its assets under management.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Coinbase has partnered with BlackRock to offer crypto trading and custody services.
Coinbase's partnership with BlackRock could potentially attract more clients and increase its assets under management.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Deutsche Bank is exploring the possibility of offering a secure storage solution for digital assets and has applied for a digital asset license from German regulator BaFin.
Deutsche Bank's move to offer secure storage for digital assets indicates a positive shift in its stance towards Bitcoin, which could potentially attract more clients and increase its assets under management.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Santander Bank has changed its stance on Bitcoin and received registration from France’s Financial Markets Authority as a crypto custodian.
Santander Bank's move to become a crypto custodian indicates a positive shift in its stance towards Bitcoin, which could potentially attract more clients and increase its assets under management.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Charles Schwab Corp has joined forces with Citadel Securities and Fidelity to establish a new exchange called EDX Markets.
Charles Schwab's move to establish a new exchange indicates a positive shift in its stance towards Bitcoin, which could potentially attract more clients and increase its assets under management.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80