Investment manager Charles Edwards suggested that banks can send Bitcoin’s price to at least $ 20,000, saying, “It is not difficult to see where this business is going.” used expressions.
As we reported on Wednesday, the Currency Control Office (OCC), which oversees banks in the United States, gave green light to national banks to hold cryptocurrencies on behalf of their customers. While the crypto money sector welcomed this development with enthusiasm, the decision meant that banks could now store crypto money legally.
Charles Edwards, President of digital asset management company Capriole Investments, evaluating the possible effects of this development, points out that the next driving force in Bitcoin may be traditional banking institutions. Edwards says that if only 1 percent of the assets of traditional banks are in Bitcoin, the price can go up and down the current levels.
The asset manager said, “If American banks; If they allocate only 1 percent of their assets to Bitcoin as investment, hedge or insurance, the price will be multiplied. Only 1 Nasdaq stock (Grayscale) already owns 2 percent of Bitcoin’s circulating supply. It is not difficult to see where this business goes. ” said.
The banking sector’s view of Bitcoin is changing positively. Recently, significant developments were taking place in the USA in terms of convergence between the banking sector and the crypto money sector. For example, banking giant JPMorgan started to provide banking services to crypto exchanges along with Coinbase and Gemini exchanges.
On the other hand, another interesting output came from Barry Silbert, founder and CEO of Digital Currency Group. Silbert said that by 2020, various cryptocurrency companies in the U.S. will announce to the public. Currently, Ripple and Coinbase are known to have an IPO plan.