Wall Street Is Coming for Crypto—Whether Early Believers Like It or Not - Decrypt
BlackRock's Bitcoin ETF bid signals robust interest in cryptocurrencies among financial institutions, an inevitable trend, some experts say....
- David Schwed, COO of Halborn, attended Money20/20 and was happy to see traditional financial institutions like JP Morgan, Citibank, and Goldman Sachs present.
- Schwed believes there is a huge market for big banks to enter the crypto industry.
- Traditional finance appears poised to gain ground in the crypto industry.
- Schwed believes crypto will always have anti-establishment actors, but they will likely shrink or pivot toward privacy coins as regulators turn up the heat.
- BlackRock's bid to establish America's first spot-based Bitcoin ETF could be a game-changer.
The article presents a mix of positive and negative sentiment. On one hand, there is excitement about traditional financial institutions entering the crypto industry and the potential for a game-changing Bitcoin ETF. On the other hand, there is concern about the shrinking anti-establishment faction and the increasing regulatory pressure.