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August 12, 2018

Tom Lee: Millennials’ Distaste for Banks Could Trigger New Wave of Crypto Financial Institutions

By Daily Hodl Staff

Fundstrat co-founder and crypto bull Tom Lee says Millennials’ aversion to banks has the power to dramatically reshape the financial landscape, with crypto-friendly companies like Robinhood and Square poised to reap the benefits.

In a series of tweets, Lee points to the recent crypto announcement from ICE, the owner of the New York Stock Exchange, as a sign that crypto is creating the dawn of a new financial era. He also highlights how a number of financial bedrocks like Goldman Sachs and American Express are finding ways to leverage themselves to prepare for a Millennial departure from traditional banking.

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In addition, Lee points out that ICE’s new crypto platform Bakkt is likely to have distinct advantages over current crypto exchanges like Coinbase. ICE plans to create a new type of one-day futures contract that actually pays out in Bitcoin.

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Since ICE long ago cemented relationships with big financial institutions like JPMorgan and Fidelity, Lee says this will ultimately create a path for mainstream investors to obtain Bitcoin through their brokers, which will lessen the need for a Bitcoin ETF.

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According to a new survey, cryptocurrency is one of the few things millennials are actually investing in these days, as a way to save for retirement funds.

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