Author of the news: Crypto Emergency
Executive Chairman Strategy Michael Saylor stated that traditional financial organizations are increasingly integrating Bitcoin into their products.
Speaking at Binance Blockchain Week, he noted that he previously expected it would take banks four to eight years for such steps. However, in just the last 12 months, the largest players — Citi, BNY Mellon, Bank of America, PNC, JPMorgan, Wells Fargo, and Vanguard — have changed their stance and become more favorable towards digital assets. In particular, Vanguard in early December provided clients with the opportunity to trade cryptocurrency ETFs.
According to Saylor, more and more American financial institutions are planning to launch credit lines backed by bitcoin and cryptocurrency storage services. The insurance corporation Charles Schwab has also expressed its readiness to offer spot trading of digital assets next year.
"It used to be extremely difficult to get a loan from major banks using bitcoin as collateral. Today, eight out of ten of the largest American banks are already providing such loans," Saylor emphasized.
He linked the willingness of banks to provide cryptocurrency services to the changing political situation in the USA.
Moreover, the entrepreneur once again drew attention to the volatility of bitcoin, calling it "a gift from Satoshi Nakamoto." According to him, sharp fluctuations in the exchange rate open up opportunities for entry into the market for both institutional players and private investors.
