Binance CEO: From ‘Scam’ to ‘Next Big Thing’—How Institutions Flipped on Crypto
Main Idea
Binance CEO Richard Teng highlights the shift in institutional perception of cryptocurrencies from skepticism to widespread adoption, with major banks like JPMorgan and PNC embracing crypto services and corporate treasuries accumulating Bitcoin at record levels.
Key Points
1. Binance CEO Richard Teng contrasts the 2017 skepticism of cryptocurrencies with today's institutional adoption, noting the dramatic shift in perception.
2. JPMorgan is considering offering crypto-backed loans by 2026, marking a reversal from CEO Jamie Dimon's previous stance that Bitcoin was a fraud.
3. PNC Bank has partnered with Coinbase to allow users to buy, hold, and sell digital assets, while also providing banking services to Coinbase.
4. Corporate Bitcoin accumulation has reached record levels, with companies like BTC AB, Smarter Web Company, Semler Scientific, H100 Group, and Volcon Holdings significantly increasing their holdings.
5. The broader banking sector is warming to crypto, with regulatory clarity and institutional confidence driving increased adoption and services.
Description
Binance CEO Richard Teng reflects on crypto’s journey from being labeled a scam. Major banks like JPMorgan, Morgan Stanley, and PNC are now offering or planning crypto-backed services. Corporate treasuries are accumulating Bitcoin at record levels. Binance CEO Richard Teng has drawn attention to the stunning transformation in how crypto is perceived. In a recent post on X, Teng contrasted the 2017 skepticism with today’s wave of institutional adoption. “Skeptics in 2017 said crypto was a scam,” ...
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