Goldman Sachs, JP Morgan, and Morgan Stanley are the latest to jump on the Crypto-bandwagon. I now suspect that these “investment firms” and Giants in Banking see Bitcoin as a replacement for Gold, to hold as a store of value.
Let’s start with Goldman Sachs… their COO just said this week that “Clients’ Demand for Crypto has Soared” and they’re now in talks with regulators and the Federal Reserve about how they can custody digital assets, and what are the regulations governing their operation when dealing with virtual currencies.
A Goldman Sachs’ client survey on digital assets showed that 40% of wealthy customers surveyed by the bank currently have exposure to crypto. Further, 54% of respondents predict the Bitcoin price will hit $100,000.
JP Morgan also has strong interests in the space. They’re set to Launch their Cryptocurrency Exposure Basket With 11 ‘Bitcoin Stocks’ Including MicroStrategy And Square. The fund will allocate 20% to MicroStrategy Incorporated (NASDAQ: MSTR) and 18% to Square Inc (NYSE: SQ) – two companies that declared their Bitcoin investments early on.
Together these stocks make up about 68% of the basket. Other portfolio stocks included Paypal Holdings Inc (NASDAQ: PYPL), Advanced Micro Devices, Inc.(NASDAQ: AMD), and Silvergate Capital Corp(NYSE: SI).
And then there’s Morgan Stanley… who just committed a $200M Investment in a Bitcoin Firm named “NYDIG.” The group includes Stone Ridge Holdings, Morgan Stanley, New York Life, MassMutual, Soros Fund Management, and FS Investments.
You guys do what you want, keep your money in the bank for all I care, but if you’re not in this space, you’re gonna regret it. These vultures and scumbags in banking don’t get involved in ANYTHING that isn’t a SURE THING.