If You Can't Beat Them, Join Them…?
It's been no secret that cryptocurrencies have exploded since Bitcoin's price returned to $1,000+, taking many skeptics and enthusiasts off guard with how fast the industry has developed in such a short amount of time.
As more investors, users, and businesses seek the benefits of cryptocurrencies and blockchain technology, governments, financial institutions, and other sectors are now forced to take notice or be left behind.
Media's Bad News Gave People a Great Buying Window!
The code of Bitcoin is open source, meaning anyone can access it, copy it, or contribute to its development. Governments such as China's have imposed strict regulations that have proved almost futile, temporarily causing a market crash but ultimately giving investors an excellent opportunity to enter the markets.
As the current price at the time of writing hovers above $4,500, if you bought Bitcoin at its monthly bottom or around the time China issued warnings and Jamie Dimon called Bitcoin a fraud, you would now be experiencing a profit of anywhere from 30-50% (based on the current trading price), beating anything mainstream banks can offer!
Central Banks are Providing Cryptocurrency Services!
As stated earlier, more savvy investors want alternatives in their portfolio, forcing advisors and financial institutions to take notice of their clients' demands.
Norway's largest online-based bank, Skandiabanken, made public its intentions to allow users' bank accounts to be linked to their Coinbase accounts, letting them view their Bitcoin, Litecoin, and Ethereum balances through the banking app itself.
As banks warm to the idea of cryptocurrency being a type of digital asset, we are now moving into the realm of financial institutions offering Bitcoin to investors, such as Falcon Private Bank, based in Switzerland, enabling its customers to buy and hold Bitcoin, soon adding options for Ethereum, Litecoin, and Bitcoin Cash as well!
Storing Bitcoin With Your Local Bank!
While many don't want banks anywhere near their Bitcoin, others will likely embrace this reality. The reality of Bitcoin being recognized as a type of digital asset highlights the popularity for investors and businesses alike.
History has shown that with innovation, if governments and banks can't beat it, they will usually try to buy it out or control it. If that doesn't work, they will find the most profitable method to enter the innovative industry.
Bitcoin and other more stable altcoins being embraced by certain banks in response to customer demand could be a sign of history repeating itself!