BREAKDOWN: Bitcoin’s Big Institutional Week | JPMorgan Brings Crypto to All Wealth Management Clients & More
A stream of institutional news revives the previously stagnant narrative.
This episode is sponsored by NYDIG.
This week, institutional involvement was revived after the past few months’ inactivity. NLW covers new evidence for institutional interest, including:
- A billionaire you can’t ignore
- JPMorgan offering crypto exposure
- Galaxy Digital’s big bank backers
Elon Musk’s revelation that SpaceX, the space exploration company that he founded, held bitcoin was joined by billionaire Thomas Peterffy’s admission that he holds some crypto, even hinting he sees “a small chance this will be a dominant currency.” On the wealth management end, JPMorgan has opened crypto exposure to all of its clients, a typically conservative set who tend to be passive in their investments. Lastly, London-based digital trading asset venue Galaxy Digital’s big bank backers continues to grow. The latest addition was BNY Mellon.
All this together points to the fact that institutions, no matter how reluctantly, see crypto as an inevitable investment that can’t be ignored.
NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.
The Breakdown is written, produced by and features NLW, with editing by Adam B. Levine and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Tiffany Hagler-Geard/Bloomberg/Getty Images, modified by CoinDesk.