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, BNY Mellon, the oldest bank in the United States to safeguard Bitcoin, Forex-News, Forex-News
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BNY Mellon, the oldest bank in the United States to safeguard Bitcoin

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, BNY Mellon, the oldest bank in the United States to safeguard Bitcoin, Forex-News, Forex-News


, BNY Mellon, the oldest bank in the United States to safeguard Bitcoin, Forex-News, Forex-News

Bank of New York Mellon, the oldest bank in the United States, has announced plans to hold, transfer and safeguard Bitcoin.

The impetus for the decision would have come from institutional investors, the top brass of BNY Mellon’s clientele. In the middle of the 2021 bull season for the asset class.

As the Wall Street Journal notes, BNY Mellon is not the first household name in traditional finance to embrace digital assets – companies like Fidelity Investments have long been in the game.

However, it is the first national custodial bank to commit to introducing crypto custody for its short-term clientele. That is, “at the end of this year.”

Roman Regelman, CEO of the bank’s digital and asset service business, is quoted by the WSJ as saying that “digital assets are becoming part of the traditional world.”

According to the report, BNY Mellon plans to manage cryptocurrencies using a platform. Now in a prototype version, which will also be used to handle traditional holdings like Treasuries and stocks.

Tesla’s $ 1.5 Billion Bitcoin Purchase Causes Institutional Uproar

Not all analysts are convinced that Tesla’s recent acquisition of $ 1.5 billion in Bitcoin (BTC) will prove so beneficial to the tech giant. As it was for the price of the BTC coin.

Saxo Bank’s head of equity strategy Peter Garnry wrote in a research note that Elon Musk had exposed Tesla and its investors to “immense risk.” As reported by Reuters on February 11.

“Elon Musk has exposed Tesla to immense market value risk,” Garnry wrote. And, he added that the main concern of investors was to value the value of Bitcoin in the long term, given the intense market volatility to which it has been subject since its inception.

Elsewhere, former Goldman Sachs executive Gary Black announced to Twitter followers on February 8 that he had closed the positions held at Tesla Inc ($ TSLA). Citing the “riskier capital allocation” of the company among his reasons.

Grayscale is tentatively looking to offer YFI

Grayscale Investments has registered an LLC for a future Yearn Finance Trust (YFI). Which gives the first sign that the asset manager is considering the DeFi coin.

The new entity YFI was incorporated as a Statutory Trust in Delaware on February 10, 2021. Grayscale now has 33 state-registered trusts, although only nine are active, according the asset under management (AUM) reports of the fund manager. This includes the industry-leading Bitcoin Trust, which has nearly $ 30 billion in AUM.

Grayscale has also formed an LLC for Polkadot, Uniswap, Theta, and Cardano, among many others. Registering a corporation does not mean that the new business entity is operational. In this case, the LLC is a placeholder for a future fund offering that may or may not come to fruition.

Cryptocurrency Investors Should Consider Buying Gold, Says Newcrest Mining CEO

Sandeep Biswas, Managing Director and CEO of Newcrest Mining, believes that cryptocurrency investors should consider buying some gold to hedge against the highly volatile prices of cryptocurrencies like Bitcoin (BTC).

“If you like cryptocurrencies, you should consider having some gold,” Biswas said on Bloomberg TV on Thursday, emphasizing that gold is less volatile than cryptocurrencies.

The executive emphasized that gold is a different kind of investment. “It’s a tangible asset: you can see it, you can touch it, you can feel it, you can shape it, you can turn it into jewelry, whatever you want.”

Biswas noted the rare nature of gold, stating: “There is only one quantity to be found while cryptocurrencies, we see them proliferate everywhere.”

The mining executive stated that the general trend in gold prices remains strong amid global inflation. And the money printing caused by government stimulus programs to deal with the COVID-19 pandemic.





, BNY Mellon, the oldest bank in the United States to safeguard Bitcoin, Forex-News, Forex-News

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, BNY Mellon, the oldest bank in the United States to safeguard Bitcoin, Forex-News, Forex-News

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