Wealth Managers Forced To Offer Crypto Because Of Immense Client Demand
Changpeng Zhao, the CEO of Binance (unofficially still the largest crypto platform in the world), was eager to tweet the front page of a subportion of the weekend edition of the Financial Times, which during the weekend consists of several papers all rolled up into one. It was the ‘FT Money’ part, in which new developments in money markets are being discussed.
The British originated Financial Times is older than the American Wall Street Journal, and therefore a bit slower to catch onto trends, but still they come around to crypto by now.
The picture that CZ (as Changpeng Zhao is known in the cryptosphere) tweeted showed the title ‘advisers sway to client demands for crypto assets’ and the subtitle ‘many wealth managers remain dubious of the long term prospects’.
Change is in the air. pic.twitter.com/SnHSlN6MuR— CZ 🔶 Binance (@cz_binance) November 20, 2021
The FT in that sense repeated what US wealth magazine Fortune already admitted a few weeks ago, when it published a quote by Jamie Dimon, CEO of JP Morgan Chase and a legend of American Finance.
Dimon said ‘that Bitcoin is worthless’ but then grudgingly had to follow up with:
Our clients are adults, they disagree, that’s what makes markets, so if they want to have access to buy yourself Bitcoin, we can’t custody it but we can give them legitimate, as-clean-as-possible access.
Our first ad ever, on Financial Times. pic.twitter.com/gnwNms6psq— CZ 🔶 Binance (@cz_binance) November 16, 2021
By now, even European wealth managers are apparently coming around to the same conclusion. It doesn’t really matter what they think about crypto, it’s whatever the public demands that the public gets. And at this point in time, the public really wants crypto.