As reported by the New York Times on May 7, the owner of the NYSE is letting their customers buy and hold Bitcoin. This would be the second giant Wall Street move to be taken in a week in the crypto world. Citing supporting documents and anonymous sources, NY Times confirms ICE’s plans to offer traders contracts that will eventually result in customers owning the cryptocurrency.
A Goldman Sachs official recently confirmed that the bank would debut in Bitcoin soon.
Traditional Financial set-ups engaging with cryptocurrencies
The Times later wrote that ICE has had conversations with other financial institutions about setting up a new operation with which contracts known as Swap can be bought by the banks, which will result in customer owning Bitcoin the next day — complete with the backing and security of the exchange.
Other traditional finance organizations engaging with cryptocurrencies include NASDAQ, which recently announced that it would be open to establishing a cryptocurrency trading platform in future.
These sentiments are constantly contradicted by industry perspectives like Berkshire Hathaway CEO Warren Buffett, calling Bitcoin as “rat poison.” Bill Gates also told CNBC that trading in Bitcoin was a “greater fool” activity and that cryptocurrencies had “caused deaths in a fairly direct way”. Nonetheless, he did not disagree with the idea of engaging with it himself.