Bitcoin
Visa, Mastercard, JPMorgan and Citi reveal crypto plan for ‘mass institutional adoption’ after Bitcoin, Ethereum and XRP price surge
Bitcoin
Bitcoin
and cryptography – including ethereum, XRP
XRP
and other major currencies – were boosted by a Wall Street earthquake this year (that could be exploded by an “absolutely huge” bomb in China).
The price of bitcoin has surpassed its previous record of around $70,000 per bitcoin, helping the combined ethereum, XRP and crypto market rise to around $2.5 trillion, with one analyst predicting that former US President Donald Trump and the Federal Reserve may be about to trigger a huge boom in the price of bitcoin.
Now, as Tesla billionaire Elon Musk issues a serious warning that the US dollar may be headed for collapseSome of Wall Street’s biggest banks have revealed they are testing a system with Visa and Mastercard to tokenize their assets—something that Citi analysts predict could become a “$5 trillion market by 2030.”
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JPMorgan CEO Jamie Dimon leaned on bitcoin’s blockchain technology while criticizing bitcoin,… [+] ethereum, XRP and other cryptocurrencies, even amid a huge boom in the price of bitcoin.
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JPMorgan, Citi, US Bank and Wells Fargo are among the banks that will test common settlement of tokenized assets on shared ledger technology called a regulated settlement network with payments giants Visa and Mastercard, as well as global financial messaging service Swift .
“This represents to me the five-yard line for mass institutional adoption,” Colin Butler, global head of institutional capital at Polygon
Polygon
, counted Blockworks., adding that the latest test is “incrementally more important” than previous tests such as the Onyx private blockchain and JPMorgan’s unified ledger, a concept introduced by the Bank for International Settlements (BIS) last year.
The so-called “proof of concept” regulated settlement network is inspired by Bitcoin’s blockchain technology, which allows a shared database to be maintained without relying on trusted third parties.
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The price of bitcoin has soared this year, largely thanks to the long-awaited arrival of Wall Street… [+] and institutional investors.
Forbes Digital Assets
“As blockchain technology continues to mature, it will be critical for public and private organizations to partner closely to explore how it can be applied to solve real-world problems and improve efficiency,” Raj Dhamodharan, Executive Vice President of Blockchain and crypto at Mastercard, said in a press release.
Asset tokenization has been called “next generation for markets” by BlackRock
Black stone
Chief Executive Larry Fink, who pivoted to bitcoin and crypto last year with the launch of his wildly successful spot bitcoin exchange-traded fund (ETF).
Earlier this year, BlackRock
BLACK
silently announced that it has already begun the second stage of its plan for a crypto-based “financial markets revolution” by launching a tokenized private equity fund.
This month, an executive at spot bitcoin ETF issuer BlackRock revealed that sovereign wealth funds are showing interest in bitcoin – and could begin trading in the coming months.