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As Bitcoin Goes Mainstream, Wall Street Looks to Cash In
AppleMagazine
|October 22, 2021
Love cryptocurrencies or hate the very idea of them, they’re becoming more mainstream by the day.
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Cryptocurrencies have surged so much that their total value has reached nearly $2.5 trillion, rivaling the world’s most valuable company, Apple, and have amassed more than 200 million users. At that size, it’s simply too big for the financial establishment to ignore.
Firms that cater to the world’s wealthiest families are increasingly putting some of their fortunes into crypto. Hedge funds are trading Bitcoin, which has big-name banks starting to offer them services around it. PayPal lets users buy crypto on its app, while Twitter helps people show appreciation for tweets by tipping their creators with Bitcoin.
And in the latest milestone for the industry, an easy-to-trade fund tied to Bitcoin began trading on Tuesday. Investors can buy the exchange traded fund from ProShares through an old-school brokerage account, without having to learn what a hot or cold wallet is.
It’s all part of a movement across big businesses that see a chance to profit on the fervor around the world of crypto, as a new ecosystem further builds up around it, whether they believe in it or not.
This story is from the October 22, 2021 edition of AppleMagazine.
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