“Unless these big institutional investors and hedge funds move heavily into the crypto world, I just don’t think banks will move because they simply try to make money from their clients.”
BlackRock CEO Larry Fink is also sceptical about his firm’s clients having any interest in this area. He recently said BlackRock would not pursue the launch of a crypto ETF until the market became more “legitimate”.
However, Fidelity Investments, a Boston-based asset manager of $7.2 trillion, has launched a new branch focusing entirely on cryptocurrencies, including Bitcoin and Ethereum. And it already has 13,000 clients onboard.
Other top firms such as ICE, owner of various traditional trading platforms such as the New York Stock Exchange, and Morgan Stanley and EF Hutton, have also made significant moves.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.