The cryptocurrency industry is surging. The bull run of 2021 has matched that of 2018 – if not surpassed it. The key difference in the current bull run is that of attitudes. Corporate giants had been highly skeptical of cryptocurrency but now given their relevance, institutional are slowing coming to terms with the possibility that cryptocurrencies may, one day, become the mode of payment throughout the world.
The major development of the current bull run was the pace at which Wallstreet giants have accepted the cryptocurrencies. The institutional interest has also further propelled the bull run of 2021. Although the market appears to be cooling down slightly, the institutional interest is not.
Citigroup, the financial services firm, is considering dipping its toes into the crypto sphere. The firm’s global head of foreign exchange Italy Tuchman told Financial Times that Citigroup is considering offering cryptocurrency exposure to client. Tuchman furthers that the inevstemtn bank is currently discussing trading, financing and custody services. However, the bank has not finalized anything yet and a decision will be reached only after careful deliberation. Tuchman commented that the firm will tread carefully as to not get into trouble with regulators. The consideration of offering crypto services resulted from an increased client demand.
Morgan Stanley is offering its wealth management clients access to Bitcoin funds. Goldman Sachs has relaunched its cryptocurrency trading desk. JPMorgan has also launched its own crypto exposure product due to high client demand. Tesla, the electric car maker, has began accepting payments in Bitcoin. Apart from these, MicroStrategy – the business intelligence firm, Meitu – the Chinese selfie app, Jack Dorsey’s Square and many others have also heavily invested in cryptocurrencies. With Citigroup now joining the ranks too, the institutional interest in cryptocurrencies is only increasing.