Bitcoin is hesitant to pick up a trajectory whether to keep rising or start a new round of correction. Nevertheless, a string of news about bitcoin shows how popular it is becoming. However, as we have already mentioned, these pieces of news are mostly about storing, mining, and converting bitcoin, as well as related services. For example, Visa, the largest payment company, aims to provide the opportunity to buy bitcoin, as well as to convert cryptocurrencies to fiat money at any time and spend from wherever Visa operates. According to Visa, it has developed a multi-faceted cryptocurrency strategy that is designed to expand the work with digital assets. The head of the company, Alfred Kelly, believes that cryptocurrencies will be used as a means of payment, especially in emerging economies. Kelly also suggested that cryptocurrencies would be used everywhere within the next five years, but he did not rule out the possibility of a decline in the public interest. Notably, earlier the company stated that it was preparing a new API that would allow customers of all banks to buy and sell cryptocurrencies anywhere in the world.
At the same time, Ireland is going to tighten the regulation of cryptocurrencies. Reportedly, the Central Bank of Ireland is planning to expand the law on combating money laundering and the financing of terrorism. Cryptocurrency companies in the Republic of Ireland will have to comply with various laws. This will bring cryptocurrency organizations on the same footing as traditional financial companies. Registration of cryptocurrency companies with regulatory authorities will become mandatory. The government believes that the new measures will bring real commercial benefits and help in terms of creating new jobs and tax revenues to the budget. Earlier, India announced its intention to completely ban bitcoin mining and its transactions on its territory.
Meanwhile, Morgan Stanley has become the first big US bank to offer its wealth management clients access to bitcoin funds. Two of the funds on offer are from Galaxy Digital, a crypto firm founded by Mike Novogratz. All clients of the bank who have at least $2 million in assets held by the firm will be able to buy shares in Novogratz investment funds. However, Morgan Stanley is limiting bitcoin investments to as much as 2.5% of their total net worth. It is still difficult to say whether this will increase the overall aggregate demand for digital currencies. As we said earlier, in the coming weeks, dynamics in the crypto market will depend on the activity of miners and hamsters who at any time may start selling off their coins.
