A day after US banks got the go-ahead to offer digital assets custodial services to their clients, experts are speculating that it is a competitive rush for countries to accept Bitcoin, which now means Bitcoin cannot be banned.
As ZyCrypto reported, Russia is surprisingly the latest country to legalize the use of crypto after India, South Korea, and Germany. According to Capriole Investments founder Charles Edwards, these legalization moves by governments in key regions around the world now mean that bitcoin “can’t be stopped”.
Supporting the move for US banks to custody digital assets, Edwards further said that moving as little as 1% of assets into Bitcoin will have a huge impact on its price.
“If US banks put just 1% of their assets into #Bitcoin as an investment, hedge or insurance…
… the Bitcoin price more than doubles.
Just 1 NASDAQ stock (Grayscale) already owns 2% of circulating Bitcoin supply today.
It’s not hard to see where this is going.”
DCG Among Top Target Customers for Banks
More investors have shared the sentiments with some supporting the move and celebrating it as a win. Barry Silbert, founder, and CEO of Digital Currency Group stated that he’s looking forward to having the upper hand when banks start to approach him about digital assets custody. In response to Silbert’s tweet, Ryan Selkis founder at Messaricrypto said:
“DCG holds 2.5% of all BTC and 1.5% of all ETH, so Barry’s not kidding. Probably the biggest target customer for all the banks.”
However, some investors haven’t failed to mention how institutional custody is one move backward from decentralization. One twitter user raised a point about such custodial services only serving to consolidate wealth from the masses to the wealthy. He said:
“Why wouldn’t BTC end up like say stocks where the majority end up in the hands of the wealthy?”
Crypto Market Is Rallying Fast
Meanwhile, the increasing mainstream attention towards bitcoin and the whole crypto industry serves to show that more people are watching and highly anticipating the inevitable bull run.
According to the latest report by eToro, stablecoins, with Tether in the lead are boosting the crypto market with high adoption for remittances and hedging in regions with high inflation.
The market is already thriving amidst high expectations from analysts for Bitcoin to rally together with other assets like Gold and Silver. Bitcoin, which recently exited the negative trend by breaking a tough resistance to rise above $9500, could get an additional boost from the Russian crypto market, which might be in a hurry to get in on the bull market action.