Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
The cryptocurrency industry is making significant progress in securing the backing of major Wall Street players, with BlackRock serving as a prime example. BlackRock’s founder and CEO, Larry Fink, previously described Bitcoin as “an index of money laundering” in 2017. However, by 2023, BlackRock had submitted an application for a spot Bitcoin ETF, and Fink had praised Bitcoin, suggesting it could revolutionize finance and digitize gold.
Other prominent financial figures, such as Citadel Securities’ Ken Griffin, have also shifted their stance on the crypto sector. Griffin had previously characterized it as a “jihadist call” against the US dollar, yet his firm is now supporting a platform designed for institutional investors to trade digital currencies. Fidelity Investments, the largest 401(k) administrator in the United States, is also expanding its presence in the crypto space. The firm now allows employees to invest in Bitcoin and is investing in a new cryptocurrency exchange through its subsidiary, Fidelity Digital Assets.
Related Posts
Initially, the cryptocurrency industry aimed to disrupt Wall Street and the broader US financial system. Today, however, it appears that Wall Street is joining the ranks of the crypto industry. This strategic shift occurs while the crypto sector remains relatively weak, having endured a year-long bear market and increased regulatory scrutiny from the US Securities and Exchange Commission (SEC).
The current US landscape has placed the crypto industry at a crossroads, with diminished interest in digital assets driven by price declines, corporate failures, and regulatory crackdowns. Nevertheless, financial giants see an opportunity to provide regulated crypto products and services, attracting users who are willing to adopt these offerings.
The key question now is whether the crypto industry’s goal of democratizing finance can withstand the current regulatory treatment. According to Matthew Sigel of VanEck, assets often transition from weak hands to strong hands during bear markets, a trend that appears to be unfolding within the crypto sector as well.
The post From Dismissal to Embrace: Wall Street Giants Pivot Toward Crypto appeared first on BitcoinWorld.
