What if the largest American bank was preparing to integrate cryptocurrencies? The growing adoption of digital assets is causing central banks to reconsider their stance on bitcoin and decentralized cryptos. After controversial statements, the Federal Reserve (FED) of the United States makes a most surprising statement.
Would the Federal Reserve give the green light to cryptos?
Central banks have never hidden their hostility to crypto assets. Indeed, many leaders have questioned the value of the latter and claimed that they favor the traditional financial system. If the FED has long been of this opinion, it seems that the tide is turning.
After a statement that sent crypto markets plummeting, the Federal Reserve makes another exit where it recognize the value of digital assets. She says they present opportunities for customers, banks and the entire financial system. This is downright surprising, but not that much when we know that bitcoin (BTC) is slowly but inexorably integrating into traditional finance.
A tough year for digital assets
The evolution of cryptocurrencies is under severe test. Adoption of digital assets is always risky. However, the numerous interventions of the FED had a devastating effect on the course of the latter. Indeed, the Federal Reserve’s Hawkish stance sent bitcoin (BTC) crashing to its lowest since August 10.
After peaking at $25,200 on August 25, the crypto major is currently trading at $21,225. If the US FED sticks to its guns and walks the talk, it will have work to do to convince other banks of the merits of adopting cryptocurrencies.
According to a report of Decryptthe FED could grant master accounts to certain trading platforms. But for now, these are all just words. All that remains is to hope that the Federal Reserve will spring into action and finally integrate cryptos.
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