- Institutions see crypto as an opportunity, not threat, for revenue and talent.
- Bitcoin gains traction, endorsed by influencers, signaling broader acceptance.
While Bitcoin [BTC] showed red candlesticks on the daily chart, declining by 0.72% to $67,848, BTC spot exchange-traded funds (ETFs) presented a different picture.
The BTC ETFs recorded a net inflow of $45.1432 million on the 28th of May as per Farside Investors. Additionally, markest research firm Harris Poll recently conducted a survey on behalf of Grayscale which indicated that Bitcoin is becoming a key issue in the 2024 presidential elections.
Crypto adoption on rise
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 Bitcoin’s growing popularity and acceptance, Anthony Pompliano in his YouTube stream noted,
“Bitcoin and cryptocurrency represent a new opportunity for Wall Street. They now have the ability to drive revenue, they have the ability to sign up new customers and they have the ability to attract new talent.”
He added,
“Wall Street all of a sudden has flipped around in the table, they realized this asset class these assets they are not a threat they are the new opportunity if we want to grow.”
Banks’s sentimental shift
Pompliano further elaborated 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, shedding light on the SEC’s approval of the Bitcoin ETF which resulted in over $1 billion flowing into Bitcoin, Pompliano said,
“ETFs is the single most successful financial product launch in the history of Wall Street.”
Politicians draw a similar pattern
Further in the conversation, Pompliano added that politicians, much like financial institutions, initially ignored BTC and crypto, then opposed it, and eventually recognized its potential to disrupt the status quo.
This sentiment was further confirmed as Donald Trump declared his pro-crypto stance,
Source: borovik/X
Overall, Bitcoin and cryptocurrencies have come a long way from being dismissed and opposed to being widely accepted. Hence, it will be fascinating to see what comes next for crypto!