At present, Bitcoin is weighed at $1 trillion by market cap, but the institutional adoption is only going to start, according to a report projecting the upcoming Bitcoin adoption that is going to happen in the US. NYDIG, an executive for crypto custody firms, says that hundreds of US banks are willing to adopt Bitcoin by the end of 2021. This is just the beginning of the world’s largest institutional adoption both by trade and volume. The company is a subsidiary of Stone Ridge, a New York-based asset manager totaled at an approximate value of $10 billion. The new partnership that NYDIG is going with Fidelity national information service will allow US banks to offer Bitcoin to their diversified clientele.
Bitcoin Institutionalizing is Real, and It is going to Hit soon Enough
Hundreds of US banks are already on board, according to the head of banking at NYDIG, and by the end of this year, these will be able to offer the world’s largest digital asset to their customers. People will be able to access, sell, buy, hold and even trade their digital assets while still being a customer of their dedicated banks. The idea behind this adoption is to let the average Americans make the process of buying, selling, and on the whole, interacting with cryptocurrency easier than ever. People will be able to do all of that through their banking apps installed on their phones or desktop; all the complexities of contacting a crypto broker and getting funds arranged for you are going to get slayed when adoption goes live.
This does explain what is going in and what the expected timeline for its completion might be; now, let’s roll towards why do it? It seems that NYDIG was already tingling on the possibility of Bitcoin adoption and making it easier for people to interact with it, but there is a bigger scenario at play here. NYDIG did see millions of dollars ending up in crypto exchanges like Coinbase, Kraken, and such. NYDIG was kind of feeling FOMO (fear of missing out), so they ended up with this exclusive plan of institutionalizing Bitcoin with local banks and making the best out of this scenario. But at heart, it is the best thing that can happen for people who don’t want to go out of their way of buying cryptocurrency and rather feel safe going with their current banking relationship and using it as a channel to do so.