Crypto is gaining mainstream acceptance as big banks embrace the technology. The podcast discusses the early days of the industry and the contributions of key players. It also explores Wall Street's shift towards crypto, regulatory uncertainty, and the launch of Bitcoin ETFs. The impact of the first Bitcoin ETF on the entertainment industry and the future of crypto is also discussed.
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Quick takeaways
Traditional financial institutions are now embracing the technology behind crypto, signaling stability and trustworthiness.
The approval of Bitcoin ETFs has made it easier for everyday investors to access and invest in crypto, potentially reducing volatility and attracting a mainstream audience.
Deep dives
Crypto Industry Transitioning to Wall Street
In the early days of cryptocurrency, the industry was characterized by passionate tech enthusiasts who believed in the potential of crypto to revolutionize finance. However, with the launch of FTX and its subsequent collapse, there has been a shift in the industry. Traditional financial institutions, such as JP Morgan and Goldman Sachs, are now embracing the technology behind crypto and exploring its potential. This shift towards mainstream adoption is seen as a signal of stability and trustworthiness, which has attracted Wall Street investors.
SEC Approves First Bitcoin ETF
The approval of the first Bitcoin exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC) in January 2022 has had a significant impact on the accessibility and perception of crypto. Previously, investing in Bitcoin required opening a crypto exchange account, verifying identity, and understanding the complexities of storing digital assets securely. With the introduction of Bitcoin ETFs, everyday investors can now easily invest in Bitcoin through their traditional brokerage accounts. This development is expected to integrate crypto into the financial system, potentially reducing its volatility and attracting a more mainstream audience.
The meltdown at FTX scared a lot of retail investors away from crypto. But many big banks have doubled down, and are pushing cryptocurrency more into the mainstream.
In today’s episode of the Big Take podcast, Bloomberg senior crypto reporter Olga Kharif explains how traditional financial institutions have gotten behind the technology underpinning crypto and what it means for the rest of the industry.