Crypto Adoption: Institutional Adoption of Cryptocurrencies – Where are we in 2022?

Investment banks offer cryptocurrency investments

One of the most vocal critics of cryptocurrencies is JPMorgan’s Jamie Dimon, who called bitcoin a fraud in 2017. He has since changed his tune and said in an annual letter to shareholders that decentralized finance (DeFi ) and blockchain are real technologies that can be applied for public and private reasons.

The bank also offers 6 crypto funds to its wealthy clientele, including the popular Grayscale Bitcoin Trust. And JPMorgan isn’t alone in offering its clients access to cryptocurrency, as most major investment banks now offer some form of crypto fund to add to one’s portfolio.

The exception may be warren buffett, who has been adamantly opposed to cryptocurrencies, going so far as to say that he wouldn’t buy all the bitcoins if offered $25 for them. We cannot say whether he too will change his tune, but in fact he invests in a crypto-friendly bank.

Crypto funds in classic exchanges

We have already mentioned the Grayscale Bitcoin Trust (GBTC), but it is not technically offered by an exchange. However, the CME began issuing Bitcoin futures in 2017 and introduced Ethereum futures on December 6, 2021. These futures have been used to create ETFs listed on mainstream exchanges, such as ProShares Bitcoin Strategy ETF (BITO) listed on the New York Stock Exchange.

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Mainstream adoption

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Institutional investors have noted more utility in the underlying blockchain technology than in the cryptos themselves. Indeed, several banks are developing their private blockchain networks or using existing blockchains like Ripple to carry out transactions.

Several companies have also invested in cryptos as a way to hedge against inflation while increasing liquidity, such as MicroStrategy and Tesla.

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