Mega bank, Deutsche Bank , is now offering Bitcoin and crypto custody services.Well, not so long ago, the banking and traditional finance industry saw Bitcoin as a threat and stood against it. The announcement represents the change that has been taking place over the last few months and more importantly, banks are changing their minds about Bitcoin.
The development adds to the list of Bitcoin-centric outcomes that have been aligning in favor of a bullish outcome. The fact that a major global bank is venturing into Bitcoin custody suggests that there is a growing demand for cryptocurrencies from their customers. The list definitely includes institutional clients.
The higher confidence coming from the banking institution coupled with more institutional involvement could yield a bigger rally than the previous bull run. While the development highlights long-term prospects, there are signs that the short-term situation might be about to change.