According to a survey by Reuters, there are 56 leading financial institutions looking into crypto trading. The report also found out that these firms are planning their entry into crypto trading within a span of 3-6 months from now. Among the virtual coins the survey found interesting to the leading financial institutions are Bitcoin, Ethereum, and Ripple.
The 56 firms account for 70 percent of the 400 financial institutions surveyed by Thomas Reuters. Another 20 percent were interested in trading the virtual coins before the end of year.
Although the survey did not name the institutions sampled, it shows a sudden change of heart by financial institutions who have of been apprehensive of digital tokens in the past. After a slump in digital coin prices at the beginning of the year coupled with regulations and clampdown on cryptos, the market hasn’t been looking so good.
At beginning of this month, more bullish actions have been witnessed. Cryptos that have recorded impressive bullish movement in the recent days include Bitcoin, ripple, Ethereum, and EOS.
The new survey seems, in a way, to acknowledge the bullish crypto market behavior plus the crypto topic being popular among institutions and clients alike.
Additionally, leading financial institutions looking into crypto trading were found to be more interested in cryptocurrencies that have higher market valuations. Tokens related to Initial Coin Offering did not interest most of the financial institutions sampled.
With cryptocurrency market experts predicting that some virtual coins like Bitcoin will hit $25,000 by the end of the year coupled with the bullish nature that the market has started experiencing just four months down the 2018 lane, much is expected within the remaining 8 months. Speculatively, more than the 70 percent outlined in the survey will have started trading the digital assets.
Just recently, Goldman Sachs, a leading financial institution looking into crypto trading, hired a crypto expert to help crypto clients navigate the market. With clients going the virtual currency way, do you think more financial institutions will have no other option but to embrace the virtual coins?
Let us know your thoughts in the comments section below.