BNY Mellon announced recently they would begin the store and management of Bitcoin on behalf of their clients.
The news came on February 11th 2021 and serves as a very important indicator as to future success, and global acceptance of the most popular cryptocurrency – Bitcoin.
BNY Mellon isn’t just “another investment company” but rather they are a 236-year-old American investment bank. This is massive news for the crypto industry as a whole and great news for Bitcoin in particular. Not only does this news signal that large banks, and their investors, are starting to take Bitcoin seriously; but it also means that traditional banks are taking crypto seriously.
This is really the best news for the crypto industry because it is typically the old-fashioned banks and other corporations within the finance industry who are the biggest doubters of crypto. These companies would otherwise be great preventers of Bitcoin and other digital currencies.
The fact that BNY Mellon is taking on Bitcoin as a managed asset is a really good sign. It also means there will be a more actual investment into Bitcoin. More buyers and more sellers.
Given that BNY Mellon oversees a whopping $41 trillion, even a tiny portion of this being invested into BTC would be fantastic news for the industry and for existing holders of Bitcoin.
Guy Hirsch, US Managing Director at eToro had nothing but good things to say about this news, commenting:
When the world’s largest custodian announces that it will provide custody services for digital assets, Just think about what would happen to crypto assets if even a small portion of BNY Mellon’s institutional customers decide to allocate to Bitcoin.
All of the big guns are slowly but surely taking notice of crypto, who will be next and who will be too stubborn to take heed and get in on the action?