Swiss banking giant UBS, with assets under management (AuM) of up to $7 trillion, is set to launch Bitcoin trading for some of its clients. This comes amid predictions that regulatory clarity and wider adoption could lead to negative consequences. the price of BTC up to $200,000.
UBS to offer Bitcoin trading to certain high-net-worth clients
Bloomberg reported that UBS plans to launch cryptocurrency trading for some of its wealth clients, starting with its private banking clients in Switzerland. The bank would start by offering these customers the opportunity to invest in Bitcoin and Ethereum. At the same time, the crypto offering could further expand to customers in the Asia-Pacific region and the United States.
The banking giant is currently in discussions with potential partners, and there is no clear timeline for when it might launch Bitcoin and Ethereum trading for its customers. The move is believed to be partly due to increased demand from wealthy clients for crypto exposure. UBS also faces increased competition, like other The giants of Wall Street are working to offer cryptocurrency trading.
Morgan Stanleyin partnership with Zerohash, announced plans to launch cryptocurrency trading in the first half of this year, starting with Bitcoin, Ethereum and Solana. The banking giant may soon be able to offer its crypto products as well, as it has filed with the SEC to launch BTC, ETH, and SOL spot ETFs.
Furthermore, JPMorgan, another UBS competitor, plans to offer crypto trading for institutional clientsalthough this project is still in its early stages. The bank already accepts Bitcoin and Ethereum as collateral from its customers. Last year, it also proposed offering BTC structured notes that will track the performance of the BlackRock Bitcoin ETF.
Can Bank Entry Spark BTC Rally to $200,000
Kevin O’Leary predicted that Bitcoin could reach between $150,000 and $200,000 this year, thanks to the passage of the CLARITY Act. His prediction came just as the White House crypto czar David Sacks said banks would fully enter crypto once the bill passes. As such, it is possible that BTC could reach this psychological level of $200,000 in anticipation of the amount of new capital that could flow into BTC from these banks once the bill passes.
BitMine President Tom Lee also predicted during a Interview with CNBC that Bitcoin could reach between $200,000 and $250,000 this year, partly due to growth institutional adoption by the giants of Wall Street. Meanwhile, Binance founder Changpeng “CZ” Zhao said that a BTC rally to $200,000 is for him “the most obvious thing in the world”.
At the time of writing, the price of Bitcoin is trading at around $89,600, up over the past 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com
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