Some of the most influential players on Wall Street spent the last year taking swipes at the
crypto market.
But the words coming out of their mouths don’t quite match their actions...You see, what most people aren’t seeing is that these Wall Street giants are quietly changing their tune. They’ve started hoarding cryptos... that could send the
whole market soaring sooner than you expect...
Wall Street has made it obvious that it thinks very little about Bitcoin and cryptocurrencies.
The answer why is obvious: Bitcoin and cryptocurrencies are a threat to the fat profit margins of traditional finance. You can send a million dollars across the Bitcoin network anywhere in the world and it will cost you just a couple of dollars. A million-dollar wire sent via a bank overseas costs about $70 and takes 3–5 days... Plus, you’ll lose 1–3% in the currency conversion.
That means if you live in the UK and I send you a million dollars via a bank wire, you’ll actually
get the equivalent of $970,000–990,000. You will lose $10,000–30,000 in foreign exchange fees.
With Bitcoin, you can do the same transaction, pay a couple of bucks in network fees, and get
your money in 10 minutes.
Banks make hundreds of billion of dollars in profits from overseas wires... and Bitcoin could
wipe those profits out. No wonder the big banks are trashing Bitcoin.
If you listened to the advice of bankers, you’re likely sitting on the sidelines. Because behind the scenes, Wall Street is secretly embracing Bitcoin and cryptocurrencies. And a new narrative is emerging.
BANKS are turning to blockchain as JP Morgan launches its own technology that is known as the power behind cryptocurrencies such as bitcoin.
A blockchain is a decentralised, public ledger of all cryptocurrency transactions that are constantly growing as ‘completed’ blocks are recorded and added to it in chronological order.
Mainstream capital markets have introduced bitcoin futures trading in December 2017, which triggered a run towards the $20,000 highs. That may have been just the beginning as investment bankers in Wall Street announce cryptocurrency trading desks.
The future is not written in stone and cryptocurrencies’ role in it is still undefined. Whether digital currencies will break central banks and private banks power over the money supply is something that remains to be seen, but the cryptocurrency market cap is now worth about $330 billion.