Wall Street players are scrambling to meet rising demand by offering institutional clients exposure to cryptoassets.
Goldman Sachs’ president and chief operating officer John Waldron told Reuters last week that “client demand is rising,“ and rival investment bank JPMorgan has already gained approval to offer a “cryptocurrency exposure basket.”
This will give clients access to the booming crypto economy through positions in related companies, including MicroStrategy, Square, Riot Blockchain and chipmaker NVIDIA.
Elsewhere, the chairman and CEO of America’s largest mutual life insurer, New York Life, Ted Mathas, has joined the board at NYDIG (New York Digital Investment Group), which could indicate that we will soon see Bitcoin insurance products.
What’s Next After Bitcoin’s Big Correction
Traders are looking towards Bitcoin’s next move after its big correction on Monday.
Stimulus check recipients are widely expected to plough their funds into the stock market. Yet we could also see stimulus funds move into crypto.
When the first $1,200 checks were rolled out last April, big exchanges reported dramatic rises in the number of $1,200 transactions.
On Tuesday and Wednesday, US central bank officials are expected to meet to clarify their latest thinking on monetary policy. This could set the tone for Bitcoin trading for the rest of the week.
This post originally appeared on the eToro blog.