Banks Can Now Bank Bitcoin and Cryptocurrency

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For years we have heard the Ripple (XRP) is the bankers coin. This may be true but after a recent announcement all crypto is the bankers coin. That’s right, banks can now offer cryptocurrency and digital assets to their customers.

But what does this mean?

The off of the Comptroller of the Currency (OCC) announced Wednesday that nationally chartered banks in the U.S. can now jump into the crypto custody space.

There are a couple perspectives to look at. One says that this indicates that banks will be able to off digital assets to sophisticated investors. Others worry that banks will audit and tax every penny or even worse, seize the assets in the future.

Banks move slow. So while this is big news, don’t expect action anytime soon. But it is a significant announcement in terms of mainstream acceptance, regardless of time frame.

We are reaching a pivitol time in cryptocurrency history. This could certainly act as a catalyst to legislative action and regulatory approval in Washington DC. In short, this is bullish news for Bitcoin and we saw upwards price action after the announcement.

That, couple with the decline of the dollar, we may see significant action upward both in 2020 and 2021.

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