Prolly nothing... https://www.wsj.com/articles/wall-street-reluctantly-embraces-crypto-11651347654 Wall Street Reluctantly Embraces Crypto Money managers want banks to store and trade crypto for them EMIL LENDOF/THE WALL STREET JOURNAL By Justin Baer Updated May 1, 2022 5:33 am ET Wall Street has a message for its many clients that have been eager to invest in cryptocurrencies: OK, OK, we hear you. The largest U.S. banks, securities firms and custodians, many of whom once greeted the emergence of digital assets with skepticism, are now showcasing their forays into the market. “It’s a moment in time when the traditional industry has woken up and more broadly accepted this is happening,” said Walt Lukken, president and chief executive of the Futures Industry Association, a large trade group for the derivatives markets. Their recent conversion, industry executives said, has less to do with any epiphany about crypto’s utility than it does a simple reality: They don’t want to lose the business to rivals. Hedge funds and other professional investors were already trading cryptocurrencies, but many money managers—from mutual-fund giants to pension funds—are increasingly eager to find a way into the crypto markets, executives said. Inflation and rising interest rates have damped expectations for returns on stocks and bonds, making cryptocurrencies more attractive. Now the money managers, banks’ biggest clients, want to pay them to trade and lend, structure and safeguard crypto. They are uneasy with relying on crypto startups on transactions that involve other people’s money and want mainstream financial firms to settle into their traditional roles as intermediaries. Wall Street’s participation, investors say, might bring stability to the nascent markets. “It’s gotten to the point where everyone is at some point in the journey,” said Mike Demissie, head of digital assets and advanced solutions at Bank of New York Mellon Corp. “If they’re not actively investing [in crypto], then they’re exploring it.” In response, most banks and custodians are working on plans to move forward with handling crypto—at different paces. Firms such as Fidelity Investments and Cowen Inc. have started storing and trading cryptocurrencies, either on their own or through ventures with digital-asset startups. Last week, Fidelity announced plans to allow individual savers to add bitcoin to their 401(k)s. The U.S. Labor Department argued the offering would risk Americans’ retirement security. BNY Mellon and rivals such as State Street Corp. are building capabilities to store and trade bitcoin and other digital assets while they await U.S. and state regulatory approvals that they say will allow them to go live with those services for institutional clients. They expect that to happen as soon as this year. Wall Street Has Been Betting Billions on Crypto. Here’s Why. YOU MAY ALSO LIKE Wall Street Has Been Betting Billions on Crypto. Here’s Why.Play video: Wall Street Has Been Betting Billions on Crypto. Here’s Why. WSJ’s Dion Rabouin explains why Wall Street is now betting big on crypto and what that means for the new asset class and its future. Photo composite: Elizabeth Smelov Investment banks, including Goldman Sachs Group Inc. , have said they also need more regulatory input before they can handle cryptocurrencies directly. In the meantime, Goldman has started executing trades on both over-the-counter bitcoin options as well as futures listed with CME Group Inc., operator of the world’s biggest derivatives exchange. The bank also recently made a loan that was secured by the borrower’s bitcoin holdings. Regulatory uncertainty is not the only reason many mainstream financial firms have waded gingerly into the crypto world. Inside these firms, the crypto skeptics can still outnumber the crypto curious. In recent years, bitcoin has been derided as both “worthless” by Jamie Dimon, CEO of the largest U.S. bank, JPMorgan Chase & Co., and “rat-poison squared” by Berkshire Hathaway Inc. CEO Warren Buffett, perhaps Wall Street’s best-known investor. Some firms don’t feel compelled to lead the charge into a new market, opting instead to wait for the moment when there are enough fees to justify the risks. SHARE YOUR THOUGHTS How will the embrace of bitcoin and other digital assets by Wall Street firms change the world of cryptocurrency, and vice versa? Join the conversation below. “They all understand something revolutionary is taking place that will impact parts of their business model,” said Damien Vanderwilt, co-president of Galaxy Digital Holdings Ltd. , a firm that provides trading and advisory services to digital-asset companies and runs its own crypto investing business. “When they stop and think, `What do we do about it,’ the answer for most banks is that the opportunity today is not big enough to take the reputational risks of being early.” Jeffrey Solomon, Cowen’s chairman and chief executive, said institutional investors are taking the same path they did more than 50 years ago, when stocks were largely held in personal accounts and the market struggled to handle surges in trading volume. Advancements in computer power helped change all of that, leading to huge growth in stock-investing products managed by professionals, he said. Big-money investors—and the banks and brokers who serve them—find themselves at a similar crossroads, he said. At the Futures Industry Association’s recent annual conference, crypto was everywhere. Crypto firms sponsored the event, and their executives sat on panels. Their presence didn’t go unacknowledged by the industry’s old guard. While many attendees congregated in the lobby of the Boca Raton Resort & Club in mid-March, CME Chairman Terry Duffy approached FTX crypto exchange founder Sam Bankman-Fried for a quiet chat. “All eyes were on them,” one attendee said.
The Wall Street Journal is as main stream as financial stories can get. Lots of good press about Bitcoin recently and yet the price of Bitcoin has been trending down since last year. These are not disconnected developments. I know you consider posts such as this as psyops, and you are impervious to psyops, as you say. But have you considered putting up a chart of Bitcoin next to these stories? Or even simpler, annotate a chart with the date these stories are released and keep it updated whenever you post another story. A chart is an imperfect tool and no tool can make you 100% objective. But I think it is the best tool to help keep a trader’s biases in check.
Only potentially positive info from the faithful. And by "embracing", the article means that the banks are willing to invest in the tools necessary to collect the fees for all of those trading the stuff.
I don't know how to do charts, savoir. I glance at charts every now and then but I'm more of an FA investor and for shorter term trades, I go by price action I've been posting stories about Bitcoin (and cryptos) adoption since 2017 ----------------------------- August 2017, price of Bitcoin ~$4,000 Business Insider article https://www.elitetrader.com/et/threads/crypto-castle.312415/ January 2018 Bitcoin bull market topped at ~$20,000 and start of bear market March 2018, price of Bitcoin ~$8,000 The Star article https://www.elitetrader.com/et/thre...cy-platform-focusing-on-bitcoin-ether.319536/ October 2019, price of Bitcoin ~8,000 Bloomberg Article https://www.elitetrader.com/et/threads/confessions-of-a-reformed-crypto-doubter.336513/ March 2020 Bitcoin bear market bottomed at ~$3,500 ----------------------------- I have way too many posts so I only picked 3 different threads I started at 3 different years I disagree with the premise of what you're hinting I do however think all these news of adoption in the world don't mean shit to ET Bitcoin and crypto assets critics, so why bother?? That's a rhetorical question, you already know the answer
%% THAT's a wise + helpful idea; except most likely ,no one that understood trends \would buy any in that downtrend...................................................................... NOT sure what you mean by ''good press'', a but a chart would clear that up also
Huh! And here I thought that charts were price action. Apart from your anti-government histrionics, what, exactly, is your FA of BTC?
BWAHAHAHAHAHAHHAHAH, tell us Frederick is a dick without telling us Frederick is a dick, BWHAHAHAHAHAHAHAHHAHAHAH Funniest post on ET, highly underrated, imho
He is asking you for your fundamental analysis on BTC. Where has he been for the past few weeks when we are trying to drill this into the posters here who don't even want to look anything up? Its obvious that none of us holders like this price drop, but the fundamentals of bitcoin are as strong as they have ever been, and even though we have given direct replies to why this is, this Frederick dick makes it sound like we have provided zero rationale. He keeps asking for the same stupid info that we have already provided. He must be a badly programmed bot.