Thanks to the steady crypto price increases the cost for banks to join the burgeoning cryptocurrency industry is now in the tens of billions of dollars. For any bank to command a Bitcoin stash similar to that of New York-based Grayscale’s Bitcoin Trust (GBTC), it would require an investment of more than $33 billion. And that’s just for Bitcoin; banks presumably would want to make markets in multiple major cryptocurrencies. Cost to acquire 650,000 BTC at various market rates ForbesAs the global leader in US dollar trading, JPMorgan stands to lose prominence if a different set of currencies than the ones it dominates become popular. Banks don’t earn as much transactional revenue by trading at the CME as they do by trading with clients directly over-the-counter (OTC).

Source: Forbes May 06, 2021 15:22 UTC