Big banks are optimistic about Bitcoin

$Bitfarms(BITF.US)$ With the approval of spot Bitcoin ETFs, the cryptocurrency industry quickly became mainstream. BlackRock's IBIT Bitcoin ETF has also become the world's largest Bitcoin fund, with total assets under management close to $20 billion. Financial giants are beginning to tokenize assets, and McDermott believes this trend is growing due to its “digital lifecycle” advantage.

When asked if cryptocurrencies will replace traditional banks, McDermott said that financial institutions such as Goldman Sachs view cryptocurrencies and blockchain technology as tools to improve efficiency and change the financial world.

McDermott's optimistic remarks came after Wall Street's massive investment in US spot Bitcoin ETFs, which showed Wall Street's growing acceptance of cryptocurrencies. Traditional financial giants that were once skeptical now have a warm welcome for Bitcoin ETFs, as well as amazing market demand, have changed the way many people think.