The cryptocurrency market has been closely following the movements of traditional financial institutions in relation to digital assets. Recently, the debate on the integration of cryptocurrencies into banking services has gained momentum, driven by statements and actions by major players in the sector. This rapprochement between the traditional financial system and the crypto universe has generated expectations of a possible increase in adoption and, consequently, an impact on prices, especially of Bitcoin.
Some members of the cryptocurrency community and experts believe that the prices of Bitcoin and other crypto assets go skyrocket as traditional banks integrate cryptocurrencies into their services.
In a scenario where the search for investment alternatives and technological innovation are driving the financial market, the integration of cryptocurrencies by traditional banks appears to be a natural path. The ease of access and familiarity that users have with banking services can be crucial factors in the popularization of Bitcoin and other digital assets. In addition, the security and regulation offered by banking institutions can attract more conservative investors who are still reluctant about the crypto market.
There is an expectation in the industry that US President-elect Donald Trump will repeal legislation known as “SAB 121” on the first day of his term. This will allow banks to hold Bitcoin, unlocking mass adoption of the largest cryptocurrency on the market. The US Congress approved the bill last year, however, Joe Biden vetoed. However, Trump's team has already made it clear that this will be one of the new government's priorities.
The Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) No. 121 establishes restrictive guidelines for financial institutions regarding the custody of digital assets. The bill aims to reverse the SEC’s guidance on labeling crypto assets as liabilities on companies’ balance sheets.
The integration of cryptocurrencies into banking services can take many forms, from offering custody of digital assets to the possibility of making transactions and investments directly through the banks’ platforms. This diversification of services can boost market liquidity and increase investor confidence, which in turn can positively influence the price of Bitcoin.
The expectation is that as more banks implement crypto-related services, Bitcoin’s accessibility and adoption will increase significantly. This, in turn, could have a cascading effect, boosting Bitcoin’s price and solidifying its position as a relevant asset in the global financial market.
President Trump Plans to Adopt Bitcoin on First Day of Office
At the start of his term on January 20, 2025, President-elect Donald Trump must to implement significant executive orders related to cryptocurrencies, converting campaign promises into concrete actions. At the time of publication, the price of BTC was quoted at $94.840,08 with an increase of 1% in the last 24 hours.
According to information from the Washington Post, these measures are anticipated with great expectation by the cryptocurrency community, due to the president's history of support for the industry.