America's oldest bank, BNY Mellon will enter on Bitcoin

[GreatArkansas]

I just saw this recently on Twitter: America's oldest bank, BNY Mellon, will custody Bitcoin.

I think this is one of the reasons for the recent pump and resulted from a new all-time-high above $48,300+.

For sure this is just the beginning after Tesla announced their purchase of worth 1.5 billion USD Bitcoin, and some other companies followed, just like this BNY Mellon. I really can't believe this.

Do you think that this is the reason for the pump from $44,000+ up to new all-time-high above $48,000 recently?

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[serjent05]

Not only that, Mastercard also releases news about them planning to expands its services with cryptocurrency.  It looks like several companies are following the lead of Tesla and this gives a lot of positive vibes on the market, hyping the sentiments and possibly trigger another FOMO run if it continues.  Bitcoin may possibly break the $50k resistance in the near future.

[molsewid]

Although this is good because institutional are already unto bitcoin but I'm just alarmed a little bit, we all know that bitcoin owns by know one , every people can buy and sell it but seeing big people holds a lot of bitcoin can affect the market so well, I'm not getting anxious or what but if they gonna sell a large number market will crash people like me who owns little bitcoin can be left behind but I trust them they will not do that because unlike me Bank , Companies etc are investor not just a mere trader, if they will adapts it people can easily invest and withdraw to make it into physical cash, I just hope that government will not make unnecessary move about this thing.

[bosede1]

This is a good one for Bitcoin also Mastercard said for we Nigerians that there will be a check to the bitcoin ban before the year runs out. And also with the rate at which countries, banks, and billionaires are into Bitcoin now everything is working out for bitcoin.

[serjent05]

Although this is good because institutional are already unto bitcoin but I'm just alarmed a little bit, we all know that bitcoin owns by know one , every people can buy and sell it but seeing big people holds a lot of bitcoin can affect the market so well, I'm not getting anxious or what but if they gonna sell a large number market will crash people like me who owns little bitcoin can be left behind but I trust them they will not do that because unlike me Bank , Companies etc are investor not just a mere trader, if they will adapts it people can easily invest and withdraw to make it into physical cash, I just hope that government will not make unnecessary move about this thing.

If more institutional funds enter the Bitcoin market then the credibility of Bitcoin will be strengthened.  It may possibly drive the price of Bitcoin to extremely high in a scenario where this institution competes on who among them has the highest holdings of BTC.  If this scenario happens then Bitcoin at $1m isn't impossible at all.

[mk4]

Great. I wonder when we're going to see the first bitcoin custodial bank get hacked?

With that said, yay for the news and the publicity. For the product itself? Meh. If you don't want to put in the work and research to secure your funds, you're probably far better off just buying Grayscale's GBTC. I personally wouldn't trust an old boomer bank to secure keys.

[NeuroticFish]

Great. I wonder when we're going to see the first bitcoin custodial bank get hacked?

At least I expect them get insured, so the only bad thing will be bad publicity (which may compensate today's good publicity).

With that said, yay for the news and the publicity. For the product itself? Meh. If you don't want to put in the work and research to secure your funds, you're probably far better off just buying Grayscale's GBTC. I personally wouldn't trust an old boomer bank to secure keys.

Anyone not following "not your keys, not your coins" deserve their fate.
However, as I said, I expect that to be insured hence the end-user will not lose money.

Interestingly, nobody mentioned here yet the impact of even more KYC Bitcoins, which imho is a big point since we are talking about a bank.

[Dutchyyy]

I don't think this is the reason. BNY Mellon maybe is the oldest American bank, but few of the regular guys know it.

I think that the market now will swing between $42-$49k for a while until the next positive or negative "big news".

At least their CEO is right - digital assets are becoming "part of the mainstream."

[TimeTeller]

Great. I wonder when we're going to see the first bitcoin custodial bank get hacked?

At least I expect them get insured, so the only bad thing will be bad publicity (which may compensate today's good publicity).

With that said, yay for the news and the publicity. For the product itself? Meh. If you don't want to put in the work and research to secure your funds, you're probably far better off just buying Grayscale's GBTC. I personally wouldn't trust an old boomer bank to secure keys.

Anyone not following "not your keys, not your coins" deserve their fate.
However, as I said, I expect that to be insured hence the end-user will not lose money.

Interestingly, nobody mentioned here yet the impact of even more KYC Bitcoins, which imho is a big point since we are talking about a bank.

Some people will trust the bank even if they have to go thru KYC because they feel that their funds are secured no matter what happens.
And this bank is now publicizing their bitcoin business, maybe to attract more customers as it seems this bank is not really popular to people.
And they need to follow what is in the market to connect with this generation. Innovation with their services is the key to keep up with advancements in technology.

[batang_bitcoin]

I still think that it's because of Tesla and Elon's corps.

At least their CEO is right - digital assets are becoming "part of the mainstream."

They are realizing it. And just like the old days when many were told that if there's no way to beat bitcoin, they'll have no choice but to join.

And also with the rate at which countries, banks, and billionaires are into Bitcoin now everything is working out for bitcoin.

Not yet but it's about to come.