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Strategy’s executive chairman, Michael Saylor, underscores how quickly traditional financial institutions are now embracing cryptocurrencies, particularly Bitcoin.
Speaking at the recently concluded Binance Blockchain Week, Saylor noted that he once expected major global banks to take 4 to 8 years to fully adopt Bitcoin. However, he now sees the shift unfolding much faster than he anticipated.
Financial Institutions Embracing Crypto Faster
Over the past 12 months, he explained, several heavyweight financial institutions, including Citibank, BNY, Bank of America, PNC, JPMorgan, Wells Fargo, and even Vanguard, have pivoted from a hostile stance on Bitcoin and crypto assets to a markedly positive outlook.
For example, Vanguard recently enabled its clients to trade ETF shares linked to cryptocurrencies such as XRP and Bitcoin.
Saylor emphasized that this transformation is no longer a distant projection but a change already playing out in real time.
Charles Schwab and Citibank to Offer Bitcoin-Backed Loans
Meanwhile, Saylor noted that U.S.-based financial institutions are planning to offer Bitcoin-related services, particularly credit lines backed by BTC and custody services.
According to him, Schwab plans to offer Bitcoin custody services and extend credit against crypto as early as next year. He added that Citibank is preparing similar offerings in the United States.
Saylor recalled how difficult it used to be for him to secure loans from major banks using Bitcoin as collateral. Today, however, eight of the top ten U.S. banks are issuing credit backed by Bitcoin—a dramatic reversal.
He noted that these institutions have flipped their stance within the past six months, underscoring how rapidly the banking sector is moving toward Bitcoin integration.
Rapid Adoption of Crypto Among US Financial Institutions
Several financial institutions began experimenting with crypto and blockchain technology years ago. For example, Goldman Sachs issued its first Bitcoin-backed loan to a borrower as early as 2022.
However, interest in such services has surged dramatically since Donald Trump was sworn in as the 47th U.S. President. With his administration pushing to introduce more favorable regulations, financial institutions are no longer staying on the sidelines. Instead, they are actively preparing to integrate Bitcoin into their core lending, custody, and credit operations.
Recent reports indicate that JPMorgan plans to allow institutional clients to borrow against their Bitcoin and other crypto holdings by the end of this year. Saylor also revealed that Schwab and Citibank intend to roll out similar services by 2026.
What seemed unattainable a few years back is quickly becoming inevitable, with Saylor indicating that banks are rapidly embracing Bitcoin.