{"id":14100,"date":"2021-11-29T12:05:04","date_gmt":"2021-11-29T06:35:04","guid":{"rendered":"https:\/\/zebpay.com\/?p=14100"},"modified":"2021-11-29T12:05:04","modified_gmt":"2021-11-29T06:35:04","slug":"is-wall-street-embracing-crypto","status":"publish","type":"post","link":"https:\/\/zebpay.com\/in\/blog\/is-wall-street-embracing-crypto","title":{"rendered":"Is Wall Street Embracing Crypto?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/zebpay.com\/in\/blog\/is-wall-street-embracing-crypto\/#For_instance\" title=\"For instance \">For instance <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/zebpay.com\/in\/blog\/is-wall-street-embracing-crypto\/#Fast_forward_to_the_present\" title=\"Fast forward to the present \">Fast forward to the present <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/zebpay.com\/in\/blog\/is-wall-street-embracing-crypto\/#The_big_picture\" title=\"The big picture\">The big picture<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/zebpay.com\/in\/blog\/is-wall-street-embracing-crypto\/#Wall_street_jumps_onboard\" title=\"Wall street jumps onboard\">Wall street jumps onboard<\/a><\/li><\/ul><\/nav><\/div>\n\n<p><a href=\"https:\/\/zebpay.com\/in\/buy-bitcoin\/\" target=\"_blank\" rel=\"noreferrer noopener\">Bitcoin<\/a> is a digital asset that now has a trillion dollar market cap. However, reality shows that it hasn\u2019t had the easiest road to what it is today. But one thing is evident: the sentiment has changed in the most unexpected way. The most traditional banks on wall street are jumping onboard. Actually, one should expect it. Cryptocurrency is great!\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-for-instance\"><span class=\"ez-toc-section\" id=\"For_instance\"><\/span><strong>For instance <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><em>In September 2017:<\/em><\/p>\n\n\n\n<p><a href=\"https:\/\/edition.cnn.com\/2019\/02\/15\/investing\/jpmorgan-bitcoin-crypto-jamie-dimon\/index.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">JP Morgan\u2019s CEO, Jamie Dimon disliked Bitcoin<\/a>. Although Dimon publicly bashed the cryptocurrency, the firm was quietly researching the promise of blockchain and crypto.\u00a0<br><img decoding=\"async\" width=\"510\" height=\"287\" src=\"https:\/\/lh5.googleusercontent.com\/M45ztCIzna0gmL7rPxGC_7lFvq64ke4yBfaX2od_0XWCtWJzTTeFOg7LVLfQM9EolnKzOTkxSsV5M2pEMAy9IJUmK-O3XBxRz7W_F_R-5O5Zm3oyunlAM6NSf2SOvVzQEgFckteZ\"><\/p>\n\n\n\n<p>Speaking at a conference in New York, the boss of America\u2019s biggest bank said he would fire \u2018in a second\u2019 anyone at the investment bank found to be trading in bitcoin. \u2018For two reasons: it\u2019s against our rules, and they\u2019re stupid. And both are dangerous.\u2019\u201d&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fast_forward_to_the_present\"><\/span><strong>Fast forward to the present <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p><em>In October 2021:&nbsp;<\/em><\/p>\n\n\n\n<p><a href=\"https:\/\/www.coindesk.com\/business\/2021\/10\/08\/jpmorgan-says-institutional-investors-are-replacing-gold-with-bitcoin\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">JP Morgan reported that \u200b\u200b\u201cInstitutional investors appear to be returning to Bitcoin, perhaps seeing it as a better inflation hedge than gold.<\/a>\u201d<\/p>\n\n\n\n<p><em>In August 2021:&nbsp;<\/em><\/p>\n\n\n\n<p>The most surprising turning point is when they offered Bitcoin funds to private clients. They also offered access to 5 other crypto funds &#8211; Grayscale Investments\u2019 Grayscale Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust and Ethereum Classic Trust, and Osprey Bitcoin Trust.&nbsp;<\/p>\n\n\n\n<p><em>In October 2020:<\/em><\/p>\n\n\n\n<p>The bank even created its own digital currency JPM Coin, designed to make instantaneous payments using blockchain technology.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_big_picture\"><\/span><strong>The big picture<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Bitcoin is becoming one of the biggest assets in the world. It stands amongst the most valuable like Gold, Google, etc.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/2VAEdZ--HlnHSChlwTCkbr3bg3uwmIwvXQBASVyRskM-nAKnSOLE64Bvp2ghjwWA6_hMDdol6XzQ9a1JcUPWTposoRWf48T17mSyxOhCEy9jz5HrkoIfThb3p8DV9KK9PsBu-4cT\" alt=\"\"\/><\/figure>\n\n\n\n<p>These fall under the top 10 most valuable assets in order of market capitalization.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Wall_street_jumps_onboard\"><\/span><strong>Wall street jumps onboard<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Rather than resisting the change, a number of top traditional banks and institutions have embraced crypto with open arms. They are trying to also get their hands on the trillion dollar market.<\/p>\n\n\n\n<p>These are the <strong>top 7 banks<\/strong> on in order of investment magnitude:<\/p>\n\n\n\n<ol><li>Standard Chartered &#8211; $380 million<\/li><li>BNY Mellon &#8211; $321 million<\/li><li>Citibank &#8211; $279 million<\/li><li>UBS &#8211; $266 million<\/li><li>BNP Paribas &#8211; $236 million<\/li><li>Morgan Stanley &#8211; $34 million<\/li><li>JP Morgan &#8211; $206 million<\/li><\/ol>\n\n\n\n<p>The scope for financial institutions is openly widening as US banking regulations will be clear in 2022. The Federal Reserve will make it provide clarity on facilitating crypto trading on behalf of customers. It will make in-depth provisions for customer protection and compliance enforcements with laws and existing regulations.&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/zebpay.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">ZebPay<\/a> is one brave company that held its ground in its pursuit of cryptocurrency. We are India\u2019s oldest crypto exchange that has survived through the storm of uncertainty. We\u2019ve always embraced crypto and our vision for India and the world, despite all obstacles.&nbsp;<\/p>\n\n\n\n<hr class=\"wp-block-separator is-style-dots\"\/>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is a digital asset that now has a trillion dollar market cap. However, reality shows that it hasn\u2019t had the easiest road to what it is today. But one thing is evident: the sentiment has changed in the most unexpected way. The most traditional banks on wall street are jumping onboard. Actually, one should [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14101,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[14],"tags":[76],"acf":[],"_links":{"self":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/14100"}],"collection":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/comments?post=14100"}],"version-history":[{"count":0,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/14100\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media\/14101"}],"wp:attachment":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media?parent=14100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/categories?post=14100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/tags?post=14100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}