The banking industry is starting to come around to the idea of cryptocurrencies and blockchain technologies, but that wasn’t always the case.
From the inception of Bitcoin in 2009, banks were quick to dismiss the notion entirely. They didn’t accept its viability as a currency or the blockchain’s usefulness as a disruptive technology. Banks advised their clients to stay away from this technological revolution or to invest at their own peril.
Not all customers heeded their biased warnings and decided to purchase these digital assets themselves. In retaliation, banks decided not to allow transactions from their accounts to crypto exchanges, and in some cases even shut down the accounts of the exchanges themselves.
Even these actions could not deter crypto’s advancement and adoption. Today, financial institutions are seeing the error of their ways and are beginning to embrace this technology.
Morgan Stanley is hell bent on becoming the institutional leader in crypto trading. They are in the process of opening a crypto trading desk where they can facilitate institutional investing, Initial Coin Offerings, and arbitrage trading.
Truth be told this is the next arms race. EVERYONE IS RUSHING INTO CRYPTOS. Everyone. There isn’t a bank, a fund, a fund company, a former legend attempting to reclaim old glory, private equity, venture capital, lending, exchanges, consulting firms – everybody. It is the digital gold rush. And our firm wants to get there and pull as many levers as we can.
-Unnamed source at Morgan Stanley, quoted from: https://www.newsbtc.com/2018/05/01/morgan-stanley-racing-lead-wall-street-pack-crypto/
But they will need to hurry up if they are going to stay out in front of the pack. Goldman Sachs recently opened a cryptocurrency trading desk to gain exposure for itself and its clients. The link at the top of this post details how other large financial institutions are embracing the blockchain and preparing for its emergence and adoption.
Are you prepared to take advantage of the “digital gold rush”? Right now, you and I have the opportunity to get in on the ground floor with the titans of Wall Street. Smart money is never early or late, it is always right on time.
And the time is now. Don’t be late.