Most of the financial institutions in the country that manage over $27 trillion of assets are actively looking to provide their clients with exposure to Bitcoin and other cryptocurrencies. On 26th June, Meltem Demirors, the chief strategy officer of CoinShares, recently highlighted that around eight major financial institutions had signaled moves in the digital assets space, which also includes the spot Bitcoin ETF filing by BlackRock, and the crypto wealth management solutions by Fidelity. Other financial institutions that seem to be making headway into this are Morgan Stanley, JP Morgan, BNY Mellon, Goldman Sachs, Bank of America, and Invesco.
Financial Institutions Looking For Access Into Bitcoin
The CSO also claimed that quite a lot of the financial institutions in the country were actively trying to get access to Bitcoin and other crypto tokens. She noted that there were $27 trillion in assets under management between the financial institutions. Just this month, the 16th June spot Bitcoin exchange traded fund application under BlackRock met with a wave of filings for similar products, which has then boosted a narrative that could suggest that the institutions are coming out for cryptocurrencies. For those wondering, the cryptocurrency did reach a high of $31,185 on 24th June amid surging confidence, according to information provided by CoinGecko.
But the CSO has also maintained that while the institutions seem to be coming through, it is still more than a trickle than just a wave. She added that they were seeing the construction of the bridges being built in real time. Also, the co-founder of Reflexivity Research, Will Clemente, echoed the sentiment expressed by Demiror, pointing out that the market cap for Bitcoin was under $600 billion.