Despite how Dogecoin, Ethereum, and many other coins have been stealing the spotlight, Bitcoin is still a big deal. This week’s big news is that any bank in the United States of America will soon be able to sell Bitcoin to their customers.
The New York Digital Investment Group, NYDIG, has announced their partnership with FIS, Fidelity National Information Services. This partnership will enable any US bank to allow their customers to buy, sell and hold Bitcoin. They intend to make it easy to buy Bitcoin; anyone in the USA with a bank account will be able to purchase Bitcoin via their bank, sell it back to their bank and allow their bank to hold it for them.
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You have to understand that there are incredible amounts of money present in US bank accounts; almost 17 trillion dollars is sitting in US bank accounts and earning zero interest. That money can easily flow into Bitcoin if we begin to see these partnerships manifest.
The CEO of NYDIG stated that he could see hundreds of US Banks adopting this service before the end of the year. And on the bright side, this is a very good time for this; Bitcoin is getting more attention and adoption, the crypto market is amazing, and altcoins are having their season. Banks like JP Morgan, Deutsche Bank, US Bank, Bank New York Mellon, and several other big banks are already planning to offer a certain type of crypto services to their customers.
The service is a big deal because it expands the liquidity potential of the market. A ten trillion-dollar market capital for Bitcoin will be possible when everybody has easy access to Bitcoin and can purchase Bitcoin easily. PayPal was a huge step in that direction; PayPal doing that was forward-thinking, and they have been making incredible gains off their crypto play.
If NYDIG can fulfill its promise in making sure hundreds of US banks come on board to the crypto service they are offering, it will be amazing.
On the other hand, VanEck and BetaShares have applied for an Australian Bitcoin ETF. We currently have a Canadian ETF, Brazilian Bitcoin ETF, South Africa is talking about a Bitcoin ETF, and Australia has been talking about a Bitcoin ETF. VanEck making a move in Australia is very interesting because VanEck is one of the most likely Bitcoin ETFs to get approval in the USA. Seeing them do that in Australia is a big deal. And from the look of things, at this point, Australia may beat the USA to having a Bitcoin ETF before them.
The e-commerce giant, MercadoLibre, has purchased 7.8 million dollars worth of Bitcoin. MercadoLibre is a big Latin-American e-commerce company. Seeing companies get rid of the current cash at hand by purchasing Bitcoin is exciting.
Bitcoin’s current market capitalization of a trillion dollars may seem like a lot, but gold is about ten trillion dollars, and people still buy gold. Even if Bitcoin does a 10x and gets up to the price of gold, people will still buy it.
