Hundreds of US Banks To Offer Bitcoin To Customers This Year: Multiple Reports; #Bitcoin Will Moon

In what may be the biggest news in finance this year, multiple news outlets are reporting that NYDIG, a subsidiary of $10 billion New York-based asset manager Stone Ridge, and it has partnered with fintech giant Fidelity National Information Services (FIS) to enable U.S. banks to offer Bitcoin (BTC) in the coming months, according to the two firms. According to Crypto Gazette, hundereds of banks are already enrolled in the program. Originally reported by financial news network, CNBC, customers of some U.S. banks will soon be able to buy, hold and sell bitcoin through their existing accounts. The move into cryptocurrency is more about competition and timliness than anything else, as banks see their customers sending dollars to Coinbase and other crypto exchanges, according to Yan Zhao, president of NYDIG. The story is making its way through the crypto world with great enthusiasm though tempered by the understanding that anonymity, originally hailed as one of Bitcoin's strongest features, will be lost as all bank transactions are recorded and regulated. That does not seem to be much of a concern, however, as Bitcoin and other cryptos - especially Etherium (ETH) and, lately, Dogecoin - have made headlines over the past ten years as superlative investments, with returns far outstripping those of competing asset classes such as stocks or precious metals. If the reports turn out to be true - and there's little reason to believe they're not - this development could skyrocket Bitcoin to new heights. While other cryptos were not mentioned in the original report, as has been observed in opening up new avenues to Bitcoin, such as with PayPal or Square, the others eventually follow. By the end of 2021, depositors in US banks may see their accounts enhanced with the ability to buy, hold, and sell Bitcoin and to use it for transactions. It appears that the promise of Bitcoin going mainstream is about to materialize in an astounding manner, to the benefit of millions of new users. Though there may still be regualtory roadblocks ahead, it appears that the banks sorely want to be in on the action, collecting fees on Bitcoin purchases, sales, and transactions. With the heft of the banking industry behind it, any red tape will likely be easily overcome. The federal government may be welcoming the development as well, because any Bitcoin gains are financial events, subject to capital gains taxes, which might help explain why Joe Biden wants to see capital gains increased from 20% to 39.5%. Government never has enough of other people's money and the crypto market looks like a tax honeypot. If all goes according to plan, using Bitcoin may soon become as easy as swiping a credit card and buying or selling the granddaddy of cryptocurrencies as easy as buying shares of stock online. Mass adoption is on the way. There is no stopping it now. Bitcoin is going to moon. For more, see the following articles: FX Street: Hundreds of US banks to offer Bitcoin trading as deposits into crypto exchanges skyrocket Cointelegraph: Bitcoin back above $57K as 'hundreds' of US banks prepare to HODL for clients pymnts.com: FIS Teams With NYDIG To Allow Bitcoin Purchases From Bank Accounts Forbes: The Coming Bank-Bitcoin Boom: Americans Want Cryptocurrency From Their Banks At the Close, Wednesday, May 5, 2021: Dow: 34,230.34, +97.34 (+0.29%) NASDAQ: 13,582.42, -51.08 (-0.37%) S&P 500: 4,167.59, +2.93 (+0.07%) NYSE: 16,348.41, +59.11 (+0.36%)