The Breakdown Bitcoin’s Big Institutional Week: JPMorgan Brings Crypto to All Wealth Management Clients & More
This week, institutional involvement was revived after the past few months’ inactivity. NLW covers new evidence for institutional interest, including:
- A billionaire you can’t ignore
- JPMorgan offering crypto exposure
- Galaxy Digital’s big bank backers
Elon Musk’s revelation that SpaceX, the space exploration company that he founded, held bitcoin was joined by billionaire Thomas Peterffy’s admission that he holds some crypto, even hinting he sees “a small chance this will be a dominant currency.” On the wealth management end, JPMorgan has opened crypto exposure to all of its clients, a typically conservative set who tend to be passive in their investments. Lastly, London-based digital trading asset venue Galaxy Digital’s big bank backers continues to grow. The latest addition was BNY Mellon.
All this together points to the fact that institutions, no matter how reluctantly, see crypto as an inevitable investment that can’t be ignored.
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