Wall Street will find ways to satisfy crypto envy – Reuters
- Date: 03-Jan-2022
- Source: Reuters
- Sector:Financial Markets
- Country:Middle East
Wall Street will find ways to satisfy crypto envy – Reuters
WASHINGTON, Jan 2 (Reuters Breakingviews) - Banks are gearing up to get in on the crypto craze in 2022. That sets them up to wrestle with a host of issues that differ from their core business, from murky regulation to a market that operates 24 hours a day, seven days a week read more . Fights over profit and customers may also obscure other risks.
The value of digital currencies outstanding has tripled to more than $2 trillion since the start of 2020. Traditional U.S. banks currently can’t trade such assets themselves, but their customers do and many bankers want in, despite skepticism from luminaries like JPMorgan (JPM.N) boss Jamie Dimon who dismissed bitcoin as "worthless" as recently as October. Dimon's bank, Goldman Sachs (GS.N), Morgan Stanley (MS.N) and others are helping wealth-management clients gain exposure through crypto derivatives. Those trade on regulated exchanges, one step removed from the underlying digital coins. But that's little more than dabbling.
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