在过去的一周, Citigroup and Morgan Stanley have doubled down on their plans to offer tradable instruments and products around Bitcoin.
Alistair Milne, the chief information officer at Altana Digital Currency Fund, stated that the increasing interest towards cryptocurrencies as an asset class by banks and regulated financial institutions is crucial, as it demonstrates the rapidly growing demand for Bitcoin from institutional investors.
“Goldman, Citibank, 冰. Now Morgan Stanley. All launching Bitcoin products and services because there’s no institutional demand. Institutional money took the hedge fund industry from $300 以十亿 $6 兆,” Milne said sarcastically, implying that banks are seeing solid demand from institutions.
Led by Goldman Sachs, Now All Banks are Coming to Crypto
The wave of banks and regulated financial institutions entering the cryptocurrency sector by offering Bitcoin products was initiated by Goldman Sachs in mid-2018.
在六月, Goldman Sachs CEO David Solomon publicly said that the bank has been clearing futures around Bitcoin on behalf of its clients.
“We are clearing some futures around Bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they’re exploring those things too. Goldman Sachs must evolve its business and adapt to the environment.”
The positive attitude towards crypto by Goldman Sachs dated back to late November, when former chairman and CEO Lloyd Blankfein stated that it is arrogant to dismiss Bitcoin due to the lack of central authorities governing the asset because there exists a chance that the consensus currency could gain mass adoption.
“一款5美元的金币是值得的五块钱，因为它有美元的黄金五块钱在里面. 然后他们颁发由金国库支持纸币. 后来有一天, 他们发布不具备黄金的后盾纸币. 无质押，如果你把它在, 我给你五块钱的金. 它是法定货币. 我说，这张纸是价值五美元，因此，它是五块钱，很多人并没有采取很长一段时间. 但, 现在他们做的毫无疑问. 您移动得远一点，你会得到比特币是不是法定货币，所以我不相信, 这一点，我不喜欢它. 另一方面, 如果它的工作原理, I say maybe it was a natural progression from hard money to digital money, said Blankfein.
The open-mindedness of Blankfein and his acknowledgement of Bitcoin as a consensus currency with the potential to lead the pathway from cash to digital money has ultimately led the entire banking sector, at least in the US, to become more friendly towards the emerging asset class.
Not All Due to Goldman
Banks generally are pressured to follow the trend and to dismiss services that are of no demand by replacing them with highly profitable ventures. 于是, even if Goldman Sachs had focused the majority of its resources in institutionalization Bitcoin, if institutions had not showed much interest in it, other banks would not consider entering the market.
As Milne suggested, the sudden pivot in the stance of banks towards cryptocurrencies demonstrate the rapid increase in the demand for the asset class from institutions, which possibly could have been triggered by the low price range of most cryptocurrencies.