Wall Street banks are about to buckle under pressure from employees to start backing Bitcoin. First of all, Bitcoin has largely outperformed most other investment assets like stocks and gold, and this happened despite the numerous resources employed by Bitcoin's opponents to stifle its growth and popularity. Many banks like JPMorgan Chase have not been very welcoming to BTC.
Now, with Bitcoin taking a seemingly invincible outlook, banks and other corporations that previously opposed it are struggling to profit from it. The fact that large mutual funds like Grayscale are aggressively hoarding major cryptocurrencies is a clear indicator that Bitcoin has already gone mainstream.
The Bitcoin bus is moving
The growing popularity and BTC acceptance around the world It has left the banks in a state of confusion, and now they have to clamor to join before it is too late.
On the one hand, Bitcoin has found admiration among investors, corporations, and fintech startups fueling competition in the banking industry.
As such, banks that do not adapt to Bitcoin risk losing both investors and market competition. They certainly don't want to wait for Bitcoin to get more expensive.
There will be demand for BTC
One factor that has prevented banks from adapting to BTC has been its relatively low demand among investors dealing with banks. Now that has changed and the value of crypto is increasing. With this, the demand is expected to increase steadily over time, especially considering that the supply of Bitcoin is fixed and the amount of unmined coins decreases every day as miners go about their work.
As demand increases, the price also increases. This has already been seen when Grayscale started accumulating BTC on a large scale.
With the entry of more entities with a lot of money, this demand will surely skyrocket, taking the price with it. According to JP Morgan co-chair Daniel Pinto, it will take an increase in demand to attract banks to the Bitcoin business and, judging by current market events, that is already happening.
Employees want Bitcoin
Even more interesting is the fact that Wall Street bank clerks are now demanding their payment in BTC. Some banks are now looking for ways to tackle this problem.
The latest bank to act is Goldman Sachs when it hosted a forum for its employees with Mike Novogratz. Mike is the founder and CEO of Galaxy Digital, a crypto-focused investment firm.