United States banking giants are leaning toward Bitcoin (BTC) and other crypto assets. This comes on the back of increased adoption of digital assets by retail and institutional users, despite price fluctuations. Several industry giants also backed the position after staggering institutional flows over the past year.
Top Banks Are Exploring Bitcoin Offerings
Bitcoin firm River reported that more banks have launched crypto services for different customer bases. In a recent X post, the firm reported that 60% of these institutions are in the Bitcoin ecosystem.
Most offerings span trading and custody, a significant leap after several years of skepticism. According to the list, JPMorgan Chase, Citigroup, and Wells Fargo have rolled out/currently considering offerings. This leaves Bank of America as the only Big Four institution yet to announce.
The big three crypto banks boast over $7.2 trillion in assets, raising the stakes for wider adoption as traditional funds continue to trickle in. Among the top 25, Bank of America, Truist Financial, TD Bank, Capital One, BMO Financial, and others remain on the other side of the divide, yet have yet to announce an offering.
Still, crypto commentators are positive that some of these firms will make the switch in the coming months. On the flip side, some institutions have called for greater scrutiny of the crypto market, with some moving to bar Web3 firms.
River’s analysis comes after the Davos World Economic Forum, which has dominated industry headlines this week. Coinbase CEO Brian Armstrong noted after the conference that global banking giants are becoming aligned with crypto. This spurred market sentiment amid sideways trading since the new year began.
Armstrong highlighted the growing buzz around tokenization, which has expanded beyond stablecoins to other assets. The Clarity Act and the future of crypto regulations could potentially shape the industry throughout the year. If more laws align with the sector, banking executives and institutional clients would be more inclined to move into crypto.
“Trump and the current administration are the most crypto-forward government in the world. They’re committed to getting market structure done, and done correctly. These clear rules are vital for global competitiveness (as China and other countries push forward on stablecoins), and will put money back in people’s pockets, cementing the U.S. as the world’s crypto hub,” he added.
Source: https://zycrypto.com/banks-turn-bullish-on-bitcoin-ceos-signal-crypto-shift/
