CACEIS obtains the PSAN. We mentioned it yesterday. One of the subsidiaries of Agricultural credit has just been registered as a Digital Asset Service Provider (DSP) with the AMF. It seems that for the past few weeks the tide has been turning and theinstitutional interest continues growdespite repeated attacks from the SEC.
PSAN Nam style
It is difficult to follow the banks. While they were all beating in rhythm on the head of our favorite cryptocurrencies not so long ago, here they are registering PSAN. CACEIS just got registered. There Deutsche Bank announces digital asset custody service. And the CEO ofHSBC admits that the blockchain technology East “exceptional”.
Voluntarily schizophrenic communication or reversal of the jacket following the recent Bitcoin ETF requests filed by several financial giants? It’s time to go back to the erratic actions of our institutional preferred in order to try to see more clearly.
When the boss of Crédit Agricole played it Nostradamus
Let’s go back a few months. We are in April 2021 and, in a paper for L’Opinion, Philippe Brassac (who was and still is the Chief Executive Officer of Crédit Agricole) prophesy the death of bitcoin. The big boss’s pessimistic vision, to say the least, was to predict a BTC price below the dollar for April 2025. Nothing in this paper made it possible to really determine what objective elements Philippe Brassac was relying on to announce (still) the death of Bitcoin . But it’s a safe bet that the banking group has reviewed its copy by noting that the market was more resilient than advertised.
When the boss of Crédit Mutuel unpacked the clichés
We have already spoken about this several times, but Nicolas Théry, as Chairman of Crédit Mutuel Alliance Fédéralerecently made the link between support for the crypto ecosystem and support for war crimes committed in Ukraine.
It’s a safe bet that this vision things either shared by several other major banks. Which necessarily take a dim view of the financial freedom offered by Bitcoin and certain other cryptocurrencies.
Let us also remember that the European regulations in the fight anti-money laundering and fight against financing of terrorism (LCB-FT to go faster) keeps on reinforce and forces the banks to ever more control. The latter do not marry well with the freedom offered by Bitcoin or any other decentralized blockchain.
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How could banks both retain their customers, while offering innovative services that the younger generation is so fond of?
ETFs: the secure gateway for US institutions
Potential solutions are beginning to emerge from american institutionswhich have launched vehemently into requests for the marketing ofBitcoin ETFs with the SEC. BlackRock, WisdomTree, Invesco and others: either 5 ETF requests in one week.
If these requests are accepted and it is hard to believe that BlackRock has entered the race without a net, they will constitute an incredible gateway for institutional players who wish to bet on Bitcoin. You will find in detail our analysis of BlackRock’s request in this article which returns to the particularities of the product presented by the investment fund and the chances of it being accepted by the SEC.
If there is an agreement, this will allow institutions to gain exposure to bitcoin without have to deal with difficulties related to its acquisition, holding and securing the portfolio.
Therefore, the mass of capital that would be likely to flow into these ETFs could very well be the starting point for a new bull market.
An impossible dilemma for banks and investment funds
On the other hand, this will necessarily lead to many cryptocurrencies fall into the hands of American investment funds, which must be able to offer their clients a certain liquidity in the management of these investments.
If this democratization could prove extremely beneficial in the short term for speculators, it is not not sure let it be theirs beneficial in the long run politically and morally. Because if mass adoption necessarily involves custody services performed by third parties, it is unlikely that banks and other investment funds will give their customers complete freedom in the use of their cryptos.
What interest then, if not purely speculative, to own if the slightest transfer is subject to the same liberticidal controls imposed by the fiat currency?
Satoshi Nakamoto wrote 10 years ago about a decentralized exchange protocol to enable the world to do without financial institutions. And here we are now rejoicing in the take over announced in our sector by these same institutions. Without forgetting that they will have a role to play in theimposition of MNBCs on citizens.
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