What happened?
Bitcoin’s price is currently at $112,870, a 2.46% decrease within the last 24 hours. Despite this, many believe that U.S banks are on the verge of mainstreaming Bitcoin adoption. Alessio Quaglini, CEO of Hex Trust, anticipates that regulatory approval will prompt every U.S bank to provide custody services for Bitcoin within the next few months.
Who does this affect?
This potential shift toward Bitcoin adoption in the banking sector impacts investors, Bitcoin holders, and financial institutions globally. Since U.S financial regulation often sets the global benchmark, its decision could sway other countries’ stances towards Bitcoin. Furthermore, Hex Trust’s rapid growth indicates a strong interest from institutional partnerships, implying a broader market response.
Why does this matter?
The mainstreaming of Bitcoin by US banks could significantly impact the market. It would enhance Bitcoin’s legitimacy and liquidity, making it a more attractive investment. Additionally, if regulatory rules favor Bitcoin, there could be an increase in its demand and price. The potential adoption by banks also suggests that digital assets might become a norm in traditional banking, revamping how transactions and investments are made.