Wall Street is crazy about virtual currencies as major global banks enter the market one after another

As financial institutions have recently shown increasing interest in cryptocurrencies, experts predict that major global banks will enter the cryptocurrency market one after another, and that the influx of new investors will also accelerate.
The largest bank in the United States, JP Morgan, is also showing signs of change. Jamie Dimon, CEO of JP Morgan, known as a "Bitcoin skeptic," said in a statement on the investment banking of his main competitor.
The company has decided that it can no longer let go of its current entry into the virtual currency market. On the 20th (local time), CEO Dimon announced that it would "allow customers to purchase Bitcoin."
However, the company has no plans to offer Bitcoin trustee services. CEO Dimon is known as a leading Bitcoin skeptic. He has previously said, "Virtual currency is not a systemic currency.
"It's being implemented but has no inherent value," he said, criticizing JPMorgan for not even being prepared to implement it.
He also said, "Bitcoin is a bubble-filled scam" and "If I were the government,
In fact, Chase, the UK retail bank of JP Morgan, banned its customers from trading in virtual currencies in 2023.
The reason why CEO Dimon changed his stance was due to the regulatory environment surrounding the virtual currency market.
This is believed to be due to a change in the borders, as the US has strengthened its cryptocurrency-friendly policy stance since President Donald Trump was elected in November last year.
President Trump signed an executive order in March to stockpile Bitcoin as a national strategic asset, and on the 7th, the US New York Stock Exchange
The first Bitcoin reserve bill in the United States was passed in the state of New York. Also, in January, the U.S. Securities and Exchange Commission (SEC) amended the Securities and Exchange Commission (SEC) Act, which had been treating virtual currencies held by financial institutions as "liabilities."
The AB 121 guideline was scrapped, making it easier for banks to hold virtual currencies. As a result, more banks have entered the virtual currency market, and JP Morgan has also stepped up its efforts to meet customer demand.
Indeed, JPMorgan's competitors are moving quickly to get ahead of the cryptocurrency market. Morgan Stanley has announced that it will begin trading on its securities trading platform, E-Trade.
The company is considering adding a function for trading major virtual currencies such as Bitcoin and Ethereum to its cryptocurrency exchange-traded platform.
Goldman Sachs also announced this year that it will be tokenizing traditional financial products and providing 24-hour trading on its digital asset platform.
"The decision is in response to growing client demand," said McDermott, head of digital assets at Goldman Sachs. "The move is being made in response to growing regulatory approvals."
Kim Byung-jun, a researcher at Dispread, said, "As traditional financial institutions become more friendly towards virtual currencies, JP Morgan is also adapting to the changes in the market and its customers.
"This is an attempt to meet customer demand," he said. He also predicted that "the incorporation of virtual currencies into the system will accelerate, and the influx of new investors will further increase."