Bitcoin has had quite a pandemic.
It’s all happened before.
are close to offering bitcoin to their wealth management clients.
The problem Goldman and Morgan Stanley are solving is that many customers, especially those who prefer to keep their financial transactions outside the digital space, don’t know how to buy bitcoin, while more the tech-savvy do so with a few clicks on Robinhood, Coinbase, Cash App or numerous others.
The composition of bitcoin traders may change soon with the concrete approval of the OCC, which noted in July 2020 that federally chartered banks could provide crypto custody services to consumers.
With bitcoin prices bouncing around near all-time highs, it would make sense that more banks will likely follow Vast’s lead on the consumer level, and more wealth management firms will follow Goldman and Morgan Stanley.
And companies like Coinbase going public lends further credibility to the space and gives investors who might have been on the fence more confidence in the future of institution-friendly cryptocurrency.
My previous roles include Vice President at USAA, where I led the newly created business development initiative, Chief Innovation Officer of Opus Bank, where I led the digital strategy and transformation for Opus and its trust subsidiary, Pensco, and as SVP of New Digital Business at BBVA where I led ecosystem engagement.