- Institutions see crypto as an opportunity, not a threat, for revenue and talent.
- Bitcoin is gaining ground, endorsed by influencers, signaling wider adoption.
While Bitcoin [BTC] On the daily chart showing red candlesticks, which fell 0.72% to $67,848, BTC spot exchange-traded funds (ETFs) presented a different picture.
The BTC ETFs recorded net inflows of $45.1432 million on May 28. Farside Investors. Additionally, market research firm Harris Poll recently conducted a survey questionnaire on behalf of Grayscale, which showed that Bitcoin is becoming a key issue in the 2024 presidential election.
Crypto adoption is increasing
These developments have led to widespread speculation about why Wall Street and the political class have suddenly taken a keen interest in Bitcoin and cryptocurrencies.
Shedding light on the growing popularity and acceptance of Bitcoin Anthony Pompliano in his YouTube stream noted:
“Bitcoin and cryptocurrency represent a new opportunity for Wall Street. They now have the opportunity to increase revenue, they have the opportunity to attract new customers and they have the opportunity to attract new talent.”
He added,
“Wall Street has suddenly turned the table. They realized that this asset class is not a threat, but the new opportunity if we want to grow.”
The sentimental shift of banks
Pompliano further explained that institutions, including major banks, were initially bearish and skeptical about the crypto market. They have now changed their stance as crypto gained popularity and market value, reaching over $2.5 trillion.
Additionally, Pompliano shed light on the SEC’s approval of the Bitcoin ETF, which resulted in over $1 billion flowing into Bitcoin, Pompliano said:
“ETFs are the most successful financial product launch in Wall Street history.”
Politicians draw a similar pattern
Later in the conversation, Pompliano added that politicians, like financial institutions, initially ignored BTC and crypto, then opposed it, and eventually saw its potential to disrupt the status quo.
This sentiment was further confirmed when Donald Trump stated his pro-crypto stance:
Source: borovik/X
Overall, Bitcoin and cryptocurrencies have come a long way before being rejected and not widely accepted. Therefore, it will be fascinating to see what comes next for crypto!