Recent reports show that more than 50 percent of the world’s 100 largest banks with the largest assets under management have invested in projects related to China’s digital currency and blockchain technology.
to the Report CryptoGlobe, the Blockdata report shows that the world’s banking giants have increased their participation in the digital currency space by investing in the early and final stages of projects and businesses active in the digital currency industry. More precisely, 55 of the world’s top 100 banks have invested in digital currency.
The participation of these financial institutions in the digital currency space includes direct and indirect investment through their subsidiaries. The report named Barclays, Citigroup and Goldman Sachs as the most active participating banks in the digital currency industry. They are followed by Jeepmangan Bank and BNP Paribas.
The support of these banks is part of a larger trend in which we have seen the record-breaking companies in the digital currency industry attract initial capital. Blockchain research has suggested providing solutions to maintain the security of digital currencies, which has become an important goal for financial institutions.
Blockchain identifies three key factors contributing to the growing involvement of financial institutions in the digital currency industry, including increasing the revenue of digital currency startups, advancing the legal field, and increasing customer demand for digital currency investments.
Demand for investment in the digital currency industry also increased as the price of top digital currencies rose to a record $ 64,000 earlier this year. However, the price of Bitcoin fell to $ 30,000 before recovering to $ 45,000.
Despite Bitcoin falling from a record high, Tom Lee, a member of the board of directors of Fundstrat Global Advisors, thinks it makes perfect sense for Bitcoin to reach $ 100,000 by the end of the year, as he expects the market Stocks grow in the United States as Covid-19 incidence declines.