Wall Street’s interest grows in bitcoin – Interest for Bitcoin and other cryptocurrencies is rapidly growing as more companies are beginning to add services for cryptocurrencies, although it remains controversial among policymakers.
In recent weeks, signs of a widening embrace across the financial services industry has sent Bitcoin to new heights. Over the weekend bitcoin closed at $50,000 for the first time before falling back. Bitcoin Prices are up over 40% in this February, and closed at about $48,000 on Monday.
Billionaire Elon Musk is among those adding fresh ammunition to Bitcoin’s meteoric gains. Last week, Tesla announced its $1.5 billion investment in Bitcoin with the digital asset continuing to make headway into traditional finance. Also in the news, an investment unit of Morgan Stanley is considering to bet on Bitcoin. But the biggest news so far comes from Canada approving the first North American Bitcoin exchange-traded fund.
The evidence is there that more companies are now beginning to add services for cryptocurrencies an example is the news that Apple pay is now compatible with BitPay and offering users the option of paying for goods and services with bitcoin via their Apple devices.
Also in the news, Mastercard Inc. says it will begin allowing cardholders to transact in certain cryptocurrencies on its network.
There are strong indications that more Wall Street heavyweights could potentially enter into the crypto market. JPMorgan Chase & Co. Co-President Daniel Pinto said in a recent interview with CNBC, that client demand for bitcoin isn’t there yet however, he is certain that’ll change soon.
Also, Bloomberg reported that Counterpoint Global, a subsidiary of Morgan Stanley Investment Management, is exploring if bitcoin would be suitable investment option for its investors. If this succeeds, then it would signify as huge step forward with Wall street accepting the digital asset.