Financial reality allows itself to be penetrated by virtual currencies
ADELINA TOADER (Translated by Cosmin Ghidoveanu) >Cryptocurrencies can no longer be ignored by banks and categorized as a fringe movement, something which has become increasingly evident lately as investment in the cryptocurrency market has grown considerably, and high-profile names such as Elon Musk are promoting the widespread adoption of digital currencies.
The cryptocurrency market has now reached a value of hundreds of billions of dollars and is attracting more and more investors every day, both individuals and well-known companies. Thus, banks and the entire current financial system are under pressure from customers requesting crypto assets.
US Banks on Verge of Accepting Bitcoin as Legitimate Asset Class
Feb 13 2021 · 09:50 UTC | Updated
Feb 13 2021 · 09:58 by Steve Muchoki · 3 min read
Photo: Depositphotos
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A move by US banks to adopt Bitcoin could be a huge call to legitimize the entire crypto industry and is likely to influence other global banks.
As the cryptocurrency market capitalization almost tops $1.5 trillion, US banks are feeling the pressure from within Wall Street to accept Bitcoin and other digital assets as legitimate assets. According to media outlet CNBC, the United States major financial institutions are eyeing the crypto industry as it continues to disrupt the traditional banking system.