Mike Novogratz, the CEO of the commercial bank Galaxy Digital, believes that the future is behind cryptocurrencies.
He tweeted this optimistic prediction in response to the JP Morgan change that spread positive news series about the world's leading cryptocurrency by supporting cryptocurrency exchanges.
The JPM announcement that they will provide banking services to Coinbase and Gemini is a big deal. Go $ BTC. It is recognition that the future will include crypto currencies, digital assets, and blockchain based systems.
– Michael Novogratz (@novogratz) May 12, 2020
On May 12, The Wall Street Journal reported that JPMorgan Chase had started offering their services to Coinbase and Gemini.
The two regulation-friendly exchanges became the first crypto-related clients of the largest bank in the United States, whose CEO Jamie Dimon had a few harsh words to tell about Bitcoin in the past.
In 2017, Dimon called Bitcoin 'a fraud' and threatened to fire any JP Morgan merchant who dared to touch it.
Fast forward to 2020, your bank has taken the top two cryptocurrency exchanges under its wing.
Bitcoin is no longer ignored
ARKInvest cryptocurrency analyst Yassine Elmandjra says banks are naturally reluctant to 'add credibility' to Bitcoin since it is ideologically opposed to them. However, they no longer have many options:
“But ultimately, the market decides. It is increasingly clear that Bitcoin can no longer be ignored. "
In 2018, Goldman Sachs, another major U.S. bank, was rumored to have opened a bitcoin trading desk, but its CEO David Solomon refuted these rumors.
Meanwhile, JP Morgan hastened to create its own dollar-linked cryptocurrencies. The latter has already abandoned the plan.