Will the Megabanks like Wells Fargo and JP Morgan now offer Bitcoin?
There is little surprise that Wells Fargo and JP Morgan now offer Bitcoin to their customers after the latter requested for years the ability to use Bitcoin (BTC) as a means of payment. As a result, Bitcoin acceptance may be further encouraged.
The Banking Sector is Radically Changing for the Better
When one looks back on several years of activity within the crypto sphere, the current behavior of major banks towards cryptocurrencies brings a smile to one’s face. In these days where we used to be ridiculed, then belittled, then outright hostile, those days are long gone.
Right now we are seeing the Bitcoin Price at 50,000 $ and there is no doubt that many people want to make a profit from this new development.
After JP Morgan offers its own Bitcoins, Wells Fargo surrenders to the Cryptocurrencies
Although rival megabank JP Morgan offers its own Bitcoin since April, Wells Fargo took the decision to rethink its position much later. As of early August, Wells Fargo customers can now buy Bitcoin.
NYDIG (New York Digital Investment Group) is helping the two multinational banks make the transition to cryptocurrencies. NYDIG manages $6 billion in digital assets.
Several Form Ds have been filed with the Securities and Exchange Commission (SEC) before Wells Fargo and JP Morgan offer Bitcoin to their clients.
Accordingly, the proposal relates to three BTC funds offered by the New York-based crypto investment firm, including FS NYDIG Bitcoin Fund for Wells Fargo, as well as NYDIG Private Bitcoin Fund and NYDIG Private Bitcoin Cayman Fund for JP Morgan.
The SEC documents state that the two partner banks will be liable for a fee in order to host and service the customers they refer to NYDIG.
Despite the fact that Wells Fargo and JP Morgan now offer Bitcoin to their customers, this is a late entry. However, it seems that this interest is being shared by most American banks anyway since the American Bankers Association (ABA) now looks favorably on the rapprochement with the crypto-asset market.
Not only Wells Fargo and JP Morgan now offer Bitcoin
It is not only banks that are affected by crypto money, but large corporations are also taking a serious look at applying cryptocurrency to their businesses and applications. The world’s largest online retailer, Amazon, announced in July that it would hire a cryptocurrency expert to head up its growth strategy in this sector.
It is certain that the popularity of cryptocurrency is no longer regarded as a joke, a bubble that will eventually burst, or a fraud. With a world that is digitally transforming at breakneck speed, there are almost unlimited possibilities for utilizing their technology.
This has led to JP Morgan Bank becoming downright bullish on cryptocurrencies.
Bitcoin Price at 50,000 $
Let’s get ready for the Bitcoin price at 50,000 $. We’ve had quite a rise in the market in the last month, so fasten your seat belts.
It seems like Bitcoin continues to gain momentum each week and close at high levels. There is a neutral trend going on at the moment, which makes it easy to understand the bullish momentum on the altcoin markets.
In the short term, we are also coming out of consolidation at the top; perhaps we will see a move to the top of the weekly range. Ethereum, which is considered to be an altcoin, is still very soft at the moment. Check out the recent News about Ethereum.
What does the coming week hold for cryptocurrencies? Make your bets! You may not have time to be bored.
What are the chances of being a winner every time? This guide offers you the opportunity to increase your odds of success regardless of whether the Bitcoin price is doing well or experiencing turbulence.
Although the traditional financial ecosystem is slowly adapting to the new world of Bitcoin, Ethereum and cryptocurrencies, you can learn more about them every day! By registering with the leading trading platform, you can begin accumulating and trading your first Bitcoin right away.