The Big Wall Street Names are Eyeing investment in cryptocurrency
On Sunday the Bitcoin Price touched an all-time high of $50,000, from a mere $4000 a year ago in March of 2020. The remarkable rise of Bitcoin is garnering the attention of big Wall Street names like Morgan Stanley and JP Morgan. As the interest in Bitcoin builds, several major institutions are also moving their investments to cryptocurrencies.
According to Business Insider, A JP Morgan head has reportedly said that the demand for bitcoin “will rise.”
On a similar note, Daniel Pinto, Co-President of JP Morgan told CNBC “ if over time an asset class develops that is going to be used by different asset managers and investors, we will have to be involved.” The statement hints at what will it take for the bank to start investing in the cryptocurrency.
In other news, Counterpoint Global an investment arm unit of Morgan Stanley is exploring investment in cryptocurrency. Although Morgan Stanley has not given out any official statement, we know that institutional investors are warming up to investing in cryptocurrency.
Likewise, Elon Musk has come around from being a speculator to a supporter of leading cryptocurrencies like Bitcoin and Dodgecoin. In January, Tesla purchased $1.5 Billion in Bitcoin and announced that it would start accepting payments in Bitcoin.
Mastercard has also shown their support for the selected cryptocurrency and announced last week that they are preparing right now for the future of cryptos and payments.
According to Market Insider, America’s oldest bank Bank of New York Mellon also plans to issue, hold and transfer client’s Bitcoin. As reported, the Bank will soon “allow” digital currencies to be treated the same as other orthodox investments in asset- management systems.
Institutional investors are buying and supporting cryptocurrency. It is essential that you hold your cryptos in a secure wallet. Download XcelPay Wallet on your android and iOs device. XcelPay Wallet is an easy to use multi-coin Wallet and the safest wallet to store your cryptos. XcelPay Wallet uses fingerprint or Face locker to keep your digital assets safe.
