Should Financial Services Fret Over BTC’s Negative Buzz?
Tesla CEO’s recent remarks against Bitcoin’s environmental issues might have depressed the leading coin’s outlook. However, it is undeniable that financial institutions that focus on the negative buzz are missing a lot on the promising trends. The recent analysis indicates an increase in individuals interested in blockchain tech.
True enough, 2021 was a Bitcoin year. The leading virtual object trended day-in-day-out, and until lately, US adults had positive interpretation as far as BTC was concerned. However, since 2021 March, it is the first time the number of US adults who admit they have heard negative news about BTC exceeds those who were on the positive side.
However, the negative BTC buzz should not threaten financial institutions planning to launch crypto services to their customers. Here is why:
- Although the current BTC volatility and increased negative buzz have decreased BTC purchases, it has contributed to the increased US residents considering Coinbase to invest in other digital coins. Nevertheless, Coinbase, the nation’s leading crypto exchange, has seen its trust reaching new highs while that of BTC tanks. However, reputable financial institutions do not have to expect such an impact if caught by BTC volatility. That is because there is no way digital coins would represent a bigger portion of their brand or business.
- The negative thrill seems not to bother BTC holders that much. Either BTC traders are not encountering the negative news or have a different interpretation of whatever is happening in the market. That seems to be the case with BTC fans considering buying the prominent digital coin.
- Multiple financial institutions reveal that Bitcoin ownership and interest are high. For instance, renowned brands like Fidelity and Well Fargo have substantial BTC holders among their existing client base.
Keep in mind that BTC has survived a lot since its debut in 20019. From starting as a stable type of peer-to-peer money, accessible by smartphone owners, and shunned by renowned bankers like Jamie Dimon as susceptible to fraud. With all that, BTC is currently expensive and highly volatile. Moreover, the coin might go mainstream soon with the increased interest by brick-and-mortar institutions.
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