on the crypto
It appears that most banks and other legacy financial institutions disagree with Bitcoin. However, Jason Williams, co-founder of Morgan Creek Digital, says that the major banks quietly buy Bitcoin and don't want the public to know. He adds that banks are making sure the price doesn't go up by not talking about the digital asset as they continue to accumulate more coins.
Public statements by banks against Bitcoin
The major US banks have historically spoken out against Bitcoin in their public speeches. For example, Jamie Dimon, CEO of one of the largest American banks JP Morgan Chase, said in 2017 that Bitcoin was a fraud pending to detonate.
A few years have passed and JP Morgan now offers services to cryptocurrency businesses. Last year, it also launched a digital payment currency, JPM Coin. Just last month, the bank released an analysis that Bitcoin is likely to survive.
Other major banks like Goldman Sachs continue to resist any crypto product and the Bitcoin cryptocurrency in particular (here you can find out how buy Bitcoins). The bank has warned investors against investing in this asset for years, but its narrative, unlike JP Morgan's, has not changed over time.
The bank hosted a meeting to address Bitcoin in March of this year during which it again warned investors against buying Bitcoin as an investment, citing price volatility as a reason why it is not a good investment. cover. The meeting generated many negative reactions in the crypto sector at the time.
A strategy to keep the price low while accumulating coins?
Despite the apparent negative attitude towards the cryptocurrency, it has been widely speculated that Goldman Sachs is buying Bitcoin while intentionally discouraging investors from doing the same in order to keep the price low in this accumulation phase.
The price of Bitcoin continues to remain above the threshold of $ 9.000 which some investors consider too many. They also predicted a fall at a lower price in the short to medium term, so they are waiting for the right moment to buy.
On the contrary, Jason considers the current Bitcoin price still considerably cheap and argues that given the banks' interest in accumulating Bitcoin at this stage, the cryptocurrency will likely not fall below the current price threshold.
The wind is changing
In general, there has been growing interest from the institutional sector in recent times for crypto products. Banks and other public and private financial institutions are gearing up to stay abreast of the new frontiers of Decentralized Finance (DeFi).
Central Banks are moving to implement Central Bank Digital Currency and regulate the crypto sector. Jason's claim is surprising at the dissonance between public statements by banks against cryptocurrencies and actions that would otherwise be extremely favorable.
