Listen to Article
— Michael Saylor (@michael_saylor) February 17, 2021
Other corporations such as Twitter are also looking into purchasing Bitcoin to hedge their balance sheets against the inflationary effects depressing the U.S. dollar.
#2: Inflows Likely to Increase With Custody Solutions
There are prominent investment banks and institutional players that are working on institutional custody solutions that are likely to drive demand for Bitcoin and other digital assets.
As reported by The Wall Street Journal, Bank of New York MellonCorp., the nation’s oldest bank, is working on a digital asset custody solution.
The firm said last week that it is working on a system that will allow it to “hold, transfer and issue bitcoin” and other digital assets.
The firm’s executives see that there is an increasing amount of demand for Bitcoin and other digital assets.
BNY Mellon’s offering will be unique in that both retail and institutional players will be able to access Wall Street-grade custody for both digital assets and traditional assets through one broker, which may lower the barrier to entry for prospective investors.