The past month represents a significant shift in traditional attitudes toward cryptocurrency market. Rockefeller’s $3 Billion Firm Venrock has made the jump into crypto, along with $45 Billion Firm Goldman Sachs who hired their first public crypto analyst. They are joined by Soros’ $26 Billion Family office and the Rothschilds $52 Billion financial holding company. Nasdaq CEO has even made a public statement that they are interested in ”becoming a crypto exchange over time.”
IBM has been meeting with international banks from G20, expecting a significant shift to blockchain-based assets. Meanwhile Coinbase, Bittrex and other US exchanges have been compliant and working closely with the SEC; encouraging financial entities to enter the space securely. Binance has reported a profit of $200 Million, beating out traditional financial institutions in terms of quarterly revenue including Deutsche Bank, Germany’s largest bank.
CME Bitcoin contracts have shot up over 60% in volume in the past week alone. Financial institutions continue to diversify into crypto as a hedge against crashing Nasdaq, and Teeka Tiwari has stated crypto will surpass $ 2.6 Trillion before the end of the year. The sentiment of traditional institutions has shifted drastically from just a couple months ago, heralding the beginning of a new period of immense potential and growth.
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