The eight largest US financial institutions, including Fidelity, JPMorgan Chase, Morgan Stanley, Goldman Sachs, BNY Mellon, and Bank of America, are “actively” working to provide customers with access to Bitcoin and other cryptocurrencies.
According to CoinShares Head of Strategy Meltem Demirors, the collective AUM of these organizations is $27 trillion.
This comes after BlackRock filed an application with the SEC to launch a Bitcoin ETF, which Demirors noted was just one of several positive stories.
Further commenting on the situation, Reflexivity Research co-founder Will Clemente noted that the market capitalization of digital gold is less than $600 billion, but with the potential for $25 trillion in AUM from HSBC, BlackRock, Fidelity, and Schwab to be allocated to Bitcoin, a wave could be beginning.
