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Date:
12th Feb 2021
Author:
Dalmas Ngetich, for CryptoAltum News Team

Bitcoin Bulls Aim $50k as BNY Mellon Announces Support for BTC

America's oldest bank, BNY Mellon, will now provide custody services on behalf of their clients. Consequently, the bank will now hold, transfer, and issue Bitcoin and cryptocurrencies. The bank's asset-servicing and digital businesses' chief executive also says digital currencies are becoming mainstream. He is now urging its clients to channel their digital assets to the bank's custody. 


Details:

 More banks are flocking into cryptocurrencies, especially Bitcoin. Although others are considering altcoins, it is the increasing pace of public companies and banks that are offering the necessary infrastructure needed for the sub-sector to flourish. This week, Blue Ridge Bank, working in collaboration with BluePoint ATM Solutions and LibertyX, will be providing access to Bitcoin in all their branches. Accordingly, they become the first commercial bank to offer the service, enabling account holders to buy and sell BTC in all their ATMs. At the same time, under Jack Dorsey's guidance, Twitter is considering investing an unspecified amount of cash in BTC and even paying their employees in digital gold—their CFO Ned Segal has revealed.


Impact on the BTC Price: 

Bullish. The BTC/USD is firm above $48k, building on Tesla's $1.5 billion investment and supportive fundamentals last week. Analysts project the Bitcoin price to reach $100k in the next few months.


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