Digital Assets: Crypto Adoption Stories From JPMorgan, Gallup Poll, Bitcoin Depot, And UBS
Four news bites that show cryptos are hanging on, recent crashes notwithstanding.
From bitcoin ATMs to crypto FOMO, here goes….
The number of US investors in bitcoin (BTC) triples
A Gallup Poll showed that the number of bitcoin US investors (defined as adults holding $10,000 or more in stocks, bonds, or mutual funds) has tripled from 2% in 2018 to 6% in June 2021.
The survey also found that younger investors (<50 years) were more inclined to invest in the leading crypto. Over the past three years, ownership by this group vaulted to 13% from just 3% in 2018.
Compared to other investments (stocks 67%, bonds 50%) the 6% ownership of BTC was more in line with an asset such as gold – which 11% said they owned. (Coin Telegraph)
JPMorgan opens doors to crypto funds including Grayscale
JP Morgan (NYSE: JPM) told its advisers this week that they could now accept orders for crypto transactions from all clients, not just the ultra-wealthy ones.
The bank approved investments in five crypto products: Grayscale Investments: the Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, Ethereum Classic Trust, and the Osprey Funds’ Bitcoin Trust. (Bitcoin.com)
Crypto ATMs at the neighborhood convenience store
Crypto ATM company Bitcoin Depot plans to install crypto ATMs at thousands of Circle K convenience store locations.
According to a release, over 700 of these are already live across 30 states, and the company has a target to roll out 6,000 kiosks across North America within 2021. (Nasdaq)
UBS: Clients afflicted by crypto FOMO
In an interview earlier this week with Bloomberg’s Manus Cranny, the CEO of UBS Group (SWX: UBSG), Ralph Hamer was quizzed about the Bank’s plans for providing access to crypto investments to its wealth management clients.
In reply, Hamer admitted: “Clients are looking at different alternatives. They hear about crypto and there is a bit of a fear of missing out [FOMO] as well.”
He went on to clarify that the bank advised clients to be cautious, given that crypto was still an “untested asset category.” (Bitcoin.com)
Related Story: Digital Exchange FTX Lands $900M In Biggest Crypto Deal Ever
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