The US banking world is undergoing a major transformation as more than half of its largest banks are now opening their doors to Bitcoin.
At the time of writing, the price of Bitcoin is currently at $89,207, up 0.03% since it opened early Wednesday in Asian trading.
According to Bitcoin finance firm River, around 60% of the 25 largest banks in the US have offered or are planning to offer Bitcoin-related services such as trading and storing digital assets.
This change is also supported by revelations from Coinbase CEO Brian Armstrong, who attended the World Economic Forum in Davos.
He revealed that most bank CEOs he met now see crypto as a huge opportunity, with one leading global bank CEO even describing crypto as the number one priority and a survival issue for financial institutions.
Among the big banks that have started to step in include JPMorgan Chase, Wells Fargo and Citigroup, which collectively manage assets worth over $7.3 trillion.
In fact, Switzerland's largest bank, UBS, is also reportedly evaluating opening Bitcoin and Ethereum trading for wealthy clients in the US.
However, this acceptance is not unconditional. Banks are still wary of certain aspects of crypto, especially stablecoins that offer returns, which they consider to be a risk to the stability of the financial system.
At the same time, several large banks such as Bank of America, Capital One and Truist Bank are still choosing to stay out for the time being.
However, Bitcoin is no longer a peripheral asset. As the world’s largest financial institutions begin to change their stance, Bitcoin is increasingly solidifying its position as part of the future global financial system.
