America's oldest bank support bitcoin holding

[Imran232]

BNY Mellon, a 236-year-old American investment bank that controls around $2 trillion, announced on February 11 that it will soon store Bitcoin and other digital currencies, offering the same asset-management services it offers for traditional currencies and stocks.

 

Crypto companies, or those already involved in crypto, are thrilled about the prospect of bringing old money into Bitcoin.

“When the world’s largest custodian announces that it will provide custody services for digital assets,” Guy Hirsch, US Managing Director at eToro, told Decrypt, “that feels like a tipping point in the market.”


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[Kittygalore]

Not going to lie, it excites me but I know for a fact that this old bank supporting the bitcoin is up to something. I don't know what it is but I know that they want to get in because they are planning something in the market. They are a welcome but we have to be cautious because this bankers operate not on the interest of the people but their interest and the people that protect them. This is still the same as hodling your bitcoin on an exchange and attacks can happen.

[papasmurph]

Not going to lie, it excites me but I know for a fact that this old bank supporting the bitcoin is up to something. I don't know what it is but I know that they want to get in because they are planning something in the market. They are a welcome but we have to be cautious because this bankers operate not on the interest of the people but their interest and the people that protect them. This is still the same as hodling your bitcoin on an exchange and attacks can happen.

When we talk about hidden interests in every action of large corporations / banks:

Bank of New York Mellon (BNY Mellon) is said to have played a role in the Ponzi $ 4 billion OneCoin scheme.

The class action lawsuit seeking compensation from OneCoin and its founder, Ruzha Ignatova, added the US bank to its list of parties involved.

The plaintiffs accused BNY Mellon of processing payments for OneCoin in 2016 and citing the project as a possible "Ponzi / pyramid scheme" stemming from an internal investigation.

[Oshosondy]

BNY Mellon, a 236-year-old American investment bank that controls around $2 trillion, announced on February 11 that it will soon store Bitcoin and other digital currencies, offering the same asset-management services it offers for traditional currencies and stocks.

The world is recognising the truth of digital asset value, they are getting to know that there can be digital assets, they know if they do not support that now, that they may be losing, that is why they are getting to involve in bitcoin holding. This is just one of th nice move into crypto industry, the number of institutions dealing with cryptocurrencies are now increasing. From the report I read today, institutions now hold 3% of the total supply of bitcoin.

[Altcoinsintel]

The flow of money investing in Bitcoin is important nowadays. It is not just a couple of billion dollars as it used to be until 2017. For the last three years volumes, those we can actually count and not the fake crypto exchange volumes, are giving a signal. Any financial entity that doesn't apprehend this, will stay behind and lag in the race that will follow.

[YOSHIE]

I saw Twitter @JoeBiden, since his inauguration as president of the US, Binden is active in the world of crypto, especially Bitcoin, I mean support.

I think if a state official is positive about Bitcoin/crypto, it is only natural that private companies: Banks etc. are actively involved in investing in crypto.

I think they have dreamed of all that for a long time, now it has only materialized and dared to do it after Biden became president of the US.
Think positively, it might happen because there is support from state officials, so that the Bank has full rights to place investment shares in Bitcoin, the bank is controlled by the head of state, that's the basic point.

maybe if they say crypto connects, the state officials before Biden, might be indifferent indifferent.

[maculeth]

I see, this is just my opinion.
want to get support or not, want the market to go up or not, if the bounty doesn't get better, then what's the point of all this? isn't it the bounty that should get support and get better? Aren't we all here for the bounty? it's useless to increase bitcoin, etherum, doge, then elon musk, government support, all of that is useless if the bounty is still like this. I think bounty is the number 1 thing that must be changed and get full support so that all parties get a profit according to their respective rewards.

[buwaytress]

Been reading a lot actually about other crypto companies doing custodial services, now in talks with conglomerates of banks and insurers -- not to have them also support custodial services for Bitcoin, but to provide insurance coverage.

See, we're talking still a handful of companies insuring (BitGo comes to mind, Lloyd's in London) but none of them more than 3-figure USD figures in millions. I imagine once we see even insurers covering for billions, that's a sign they see it as good as gold.

[Similificator]

This is just amazing. good news nowadays about bitcoin and other crypto currencies are increasing more and more. The good things happening to bitcoin somehow feels like a domino effect caused by fortunate circumstances. there really may be more all time highs coming this year or on the next.

[virasog]

Not going to lie, it excites me but I know for a fact that this old bank supporting the bitcoin is up to something. I don't know what it is but I know that they want to get in because they are planning something in the market. They are a welcome but we have to be cautious because this bankers operate not on the interest of the people but their interest and the people that protect them. This is still the same as hodling your bitcoin on an exchange and attacks can happen.

No need to go in details as we are not going to give our bitcoin holdings to the bank when we can keep them save in our own private wallets. But this is a bullish news for bitcoin as now after the institutes , banks are also getting involved in bitcoins. I can see the world financial system changing soon. 

[Kittygalore]

~

When we talk about hidden interests in every action of large corporations / banks:

Bank of New York Mellon (BNY Mellon) is said to have played a role in the Ponzi $ 4 billion OneCoin scheme.

The class action lawsuit seeking compensation from OneCoin and its founder, Ruzha Ignatova, added the US bank to its list of parties involved.

The plaintiffs accused BNY Mellon of processing payments for OneCoin in 2016 and citing the project as a possible "Ponzi / pyramid scheme" stemming from an internal investigation.

I knew that they were up to something but this is a hindsight, nobody believed that OneCoin was a Ponzi scheme until Ruzha disappeared. And whatever they are planning, this banks are going to survive another lawsuit. This banks are untouchables, they are politically influential considering they are the oldest bank in USA.

~

No need to go in details as we are not going to give our bitcoin holdings to the bank when we can keep them save in our own private wallets. But this is a bullish news for bitcoin as now after the institutes , banks are also getting involved in bitcoins. I can see the world financial system changing soon. 

Hope that you are right about the financial system changing soon, these banks are looking for long term and I don't see a good future with them in the game. One thing I know about people that work on finances is that when the money is right, they will eat each out and sell their souls.

[Yamifoud]

It is good to hear that US President is giving his support to crypto, allowing their banks and institutional investors to start accumulating Bitcoin. This likely to give encouragement to the other country leaders like India and China were so many times that has been banning crypto.
And for this, it gives a positive insight that banks will accept Bitcoin, not only fiat. And to finally make change their minds rather than to keep hated Bitcoin's existence as they are badly seeing it before.

[hatshepsut93]

It was theorized for a long time that eventually traditional banks will start offering crypto custody when there will be enough demand for it. Why should banks fight crypto if they can just adopt it and make money off it like they were with fiat? And these days everyone outsources as much as possible, so just like there's a demand for cloud services, there will be a demand for Bitcoin custody and payment processing.

[meanwords]

It's certainly a good news since it's a sign of acknowledgement from the bank. Though I don't know man, It sounds wrong to me. I mean, you're going to let a centralized system (which is the bank) takes control of a decentralized currency. Kind of defeats the purpose of being your own bank and at the same time you won't have complete control of your cryptocurrency.

[Wenbing]

wow this is a very great news, i see plethora of good and great happenings happening to the crypto community lately, that has a smiling and cooling effect on me.

There is a principle of trend i propound it goes this way;
when a trend becomes trendy, it is already too late.

Every organisation that has good team knows that the next financial revolution is cryptocurrency. So, if they don't take advantage of first mover, they may be negatively affected.

Not going to lie, it excites me but I know for a fact that this old bank supporting the bitcoin is up to something. I don't know what it is but I know that they want to get in because they are planning something in the market. They are a welcome but we have to be cautious because this bankers operate not on the interest of the people but their interest and the people that protect them. This is still the same as hodling your bitcoin on an exchange and attacks can happen.

As Adams Smith wrote in his famous book "the wealth of nation" he stated as i paraphrase that the service of a butcher is not to the benevolence of the consumers, he does it for a selfish interest.

This is means that every business is operated to make profit. One of they ways they do this is through continuous innovation. You know a business that will continue to survive and win in the market must innovate ad infinitum.

[moderator's note: consecutive posts merged]

[verita1]

I agree with you, Wenbing.
Traditional institutions must innovate and the best time is now. BNY Mellon will offer its clients the financing service of bitcoin and other cryptocurrencies because as there are already firms that are offering this service they feel obliged to participate.

If we see it this way, as more users become interested in bitcoin and cryptocurrencies and use other different means to acquire their digital assets, they are ceasing to use the financial system of traditional banking, which sums up a loss for them.