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Bitcoin ETF Could "Absolutely" Be Feasible Within the Next Few Years: State Street Executive

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    According to Jay Biancamano, State Street could embrace assets “very quickly” if there’s demand for them

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Contents

State Street’s managing director for digital product development Jay Biancamano suggested that the world’s largest custody bank could move into digital assets “very quickly” during the most recent episode of Fortune’s “Balancing the Ledger.”

We should be prepared to move in that direction if our clients want to invest in those assets”

He also expects a Bitcoin ETF to be approved within the next few years.  

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Moving beyond Bitcoin    

Jay Biancamano says they are not focused on cryptocurrencies, such as Bitcoin and Litecoin. Instead, State Street wants to see the bigger picture.

Everyone talks about cryptocurrencies, but even illiquid assets like real estate are now being tokenized on a Blockchain. Thus, investors will be able to diversify their portfolios.

If you look at 30 years ago when assets moved from materialization to dematerialization—where we moved from coupon clippings and stock certificates to electronification—we believe the same thing is going to happen with digital assets."

Biancamano is certain that Blockchain will be able to democratize real estate and make transactions much faster (it currently takes up to ten days to settle a deal).  

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Crypto custody

Cryptocurrency custody has turned into a rapidly growing business niche with Coinbase alone storing about five percent of all BTC in circulation.

State Street holds about $30 trln worth of assets, and the new tokenization trend will allow them to increase that number, according to Biancamano.

I think assets under management will increase, and I think that’s the unique opportunity for us.”

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Bitcoin ETF
When asked about the chances of a Bitcoin ETF being approved by the SEC during the next few years, Biancamano had a very short answer: “Absolutely.” He later added that there are regulatory and custody issues that need to be hammered out.   

I think you have to have the same regulatory clarification, and the same risk assessment that regulators want” 

As reported by U.Today, Bitwise is expected to hear its verdict from the regulator this month.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

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    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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