Bitcoin adoption is moving fast and the top players next to join Bitcoin can be expected announced any minute now from JPMorgan, MNY Mellon, Twitter, and Apple to join Bitcoin.
2021 has been a phenomenal year for the crypto world so far, with many major companies joining the Bitcoin bandwagon. The trend began with companies like Microstrategy purchasing Bitcoin to add to their balance sheet.
Today, we have the likes of Tesla, one of the major names among the Fortune 500 companies, buying Bitcoin and adding it to their balance sheet. Tesla recently bought Bitcoins worth $1.5 billion. A lot more positive news is doing rounds in the crypto market that Apple will be next to purchase Bitcoins, along with the big shot investment banks like JP Morgan and BNY Mellon.
JPMorgan is all Gaga Over Bitcoin
Who would have thought a few years ago that investment banks like JPMorgan will be all praise for Bitcoin? In this bull run, many previous Bitcoin opponents have changed their tune and now all for Bitcoin.
Jamie Dimon, the CEO of JPMorgan, called Bitcoin “Fraud” in the past. Now, he says that Bitcoin prices will grow further. JPMorgan also says that in the long run, Bitcoin will touch a figure of $146000 as it is competing against Gold as an alternative currency. In a CNBC interview, JPMorgan’s Pinto said:
“If over time an asset class develops that is going to be used by different asset managers and investors, we will have to be involved. The demand isn’t there yet, but I’m sure it will be at some point.”
JPMorgan strongly believes that banks will sooner or later adopt Bitcoin. With positive opinions on the Bitcoin and Crypto space as a whole, JPMorgan will likely be one of the initial banks to purchase Bitcoins.
BNY Mellon Decides to Hold, Transfer, and Issue Cryptocurrencies
One of the leading names in the global investment banking space, BNY Mellon announced that on behalf of its asset-management clients, they will hold, transfer and issue cryptocurrencies.
To carry out the crypto-related activities, BNY Mellon is forming a separate digital assets unit. It will develop a client-facing prototype of the platform offering digital custody and administration of multiple digital assets. Depending upon the further evaluation and approvals, BNY Mellon is likely to launch this service this year. Commenting on the expected rollout of this feature, BNY Mellon’s asset servicing and head of digital unit’s CEO, Roman Regelman said:
“Growing client demand for digital assets, the maturity of advanced solutions, and improving regulatory clarity present a tremendous opportunity for us to extend our current service offerings to this emerging field.”
Today, BNY Bellon is offering the crypto service on behalf of their clients, but they are likely to add Bitcoin to their balance sheet as well soon. The indications so far are positive, making BNY Mellon one of the biggest proponents of Bitcoin.
Apple & Bitcoin – A Perfect Combination
After Tesla bought Bitcoin worth $1.5 billion, many people started saying that Apple is the most likely contender to join the Bitcoin bandwagon. Considering that Apple is one of the biggest companies in the world and holds tremendous clout in the global tech scene, getting into the cryptocurrency space should be the next natural step for Apple.
An analyst from RBC Capital Markets has the same opinion as he says that Apple Inc. is in a perfect position to start offering crypto trading. According to the analyst, Apple’s move to convert their wallet into a full-fledged crypto-exchange will help Apple gain instant market share. It will also add $40 billion in annual revenue for the famed iPhone maker. He also believes that Apple, just like Tesla, should buy Bitcoin and add it to their balance sheet.
“The wallet initiative appears to be a clear multi-billion dollar opportunity for the firm (potential for well over $40 billion in annual revenue with limited R&D).”
Expanding further, Steve, an analyst at RBC Capital Markets said that with Apple’s secured ecosystem, they would be able to add an extra layer of security to their crypto exchange. Hence, making it even more attractive for crypto enthusiasts from the security point of view.
Due to the Instant market share & advantage that Apple is likely to gain by entering the crypto space, the chances of them making the move into the crypto world is very high. Recently, BitPay announced that the holders of BitPay Prepaid Mastercard would be able to add their cards to Apple Wallet and can spend through it. This is a big factor which indicates that Apple will join the crypto bandwagon soon by entering the crypto market fully.
Tesla’s decision to add Bitcoin to its balance sheet has made it easier for Apple to take the strategic leap to the world of cryptocurrencies. Apple will also start accepting payments in Bitcoin & other major cryptocurrencies. It would be interesting to see the next steps that they take.
Twitter – The Social Media Giant is Considering to Add Bitcoin to its Balance Sheet
In his recent interview, Twitter’s CFO, Ned Segal said that the Social Media Behemoth is looking into adding Bitcoin to its balance sheet. As of now, they have not made any concrete decisions but it is under consideration. Ned in his interview with CNBC said:
“We’ve done a lot of the upfront thinking to consider how we might pay employees should they ask to be paid in bitcoin, how we might pay a vendor if they asked to be paid in bitcoin, and whether we need to have bitcoin on our balance sheet should that happen.”