Yeah, I got mixed feelings about this one.
Short to mid-term Bitcoin will definitely profit from this development, but long term that's going to be yet another snake to worry about. They'll do whatever is going to make the most profits and eventually this will conflict with the values of the Bitcoin community.
Short to mid-term Bitcoin will definitely profit from this development, but long term that's going to be yet another snake to worry about. They'll do whatever is going to make the most profits and eventually this will conflict with the values of the Bitcoin community.
i suppose the same could be said for bakkt (the ICE) or CME, and the rest of wall street too. we know they are coming though. it's inevitable.
in this case, they are just processing customer bank deposits/withdrawals and handling cash for exchanges, something smaller banks have happily been doing for years. it's just a sign that licensed bitcoin exchanges have achieved a certain level of business legitimacy, whereas previously they were treated by the big banks as high risk.
it's still a far cry from JPM touching cryptocurrency transactions or custody or anything like that. tbh it seems like a nothingburger to me.
