Latest Morgan Stanley and Citigroup Offerings Reveal High Bitcoin Demand for Institutional Investing
Morgan Stanley And Citigroup’s Roadmap Shows Institutional Demand For Bitcoin
The institutional demand for Bitcoin is rising swiftly. Over the past few weeks, more and more companies are starting to get interested in trading instruments and Bitcoin products. Citigroup and Morgan Stanley’s roadmaps are a good example of this new demand.
Alistair Milne, which acts as the Chief Information Officer at Altana Digital Currency Fund, has recently affirmed that there is a growing interest towards cryptos by banks and Wall Street financial institutions. This, he believes, is a proof that the market is definitely hungry for Bitcoin and all the profits that it can take.
Milne has sarcastically implied that banks are looking for cryptos because there is some of the demand. Goldman Sachs, ICE, Citibank, Morgan Stanley, and Bank of America's Merrrill Lynch the names are endless and they are all interested in Bitcoin now.
Goldman Sachs Lead Banks Coming To Cryptos
This rush of banks and regulated financial institutions all interested in Bitcoin can be traced back to Goldman Sachs. The company was one of the first to venture into this area in mid-2018 and it has led other banks to do it. The CEO of Goldman Sachs, David Solomon, has publicly stated that the bank has been clearing Bitcoin futures for the clients.
According to the CEO, the company is treading very carefully and listening to the demands of the clients to help them explore this new environment and to adapt to it.
This positive attitude from one of the biggest banks in the U. S. has led other companies to seek cryptos, too. The former chairman and CEO of Goldman Sachs, Lloyd Blankfein, said it was arrogant to simply dismiss Bitcoin because its lacks central authority figures. According to him, there is a big chance that the consensus currency may gain mass adoption in the future.
Blankfein stated that after the value of the dollar was cut off from the value of gold, a lot of people seemed uncertain at a time, but it worked and now it is accepted because people believe that it is. The same can happen with Bitcoin. This way, Bitcoin can be considered to be a progression from hard money to digital money, he believes.
Ultimately, the entire banking sector is becoming more and more interested in Bitcoin. The United States is slowly becoming friendlier with these currencies and adoption is growing.
While Goldman Sachs led the Bitcoin institutional rush in 2018, many other institutions are entering the game now and soon Bitcoin will be widely accepted in Wall Street. It looks like the time for Bitcoin hate may be over soon.
As Milne affirmed, this change in the banks can rapidly increase the demand for this asset class and could have been triggered by the fact that the price of Bitcoin is very low right now, so it might be an interesting time for entering the market.