Investors Flock To Cryptocurrency Amidst Banking Industry Turmoil

The banking enterprise is in turmoil. The previous couple of weeks noticed the resignation of Bank of America CEO Brian Moynihan, Morgan Stanleys Lloyd Blankfein and Goldman Sachs David Solomon.

The banking enterprise has been a profitable one for buyers, with financial institution shares frequently growing along the ones of different economic companies. But the latest turmoil has caused requires a brand new manner ahead for the enterprise — one that would consist of cryptocurrencies like bitcoin in addition to blockchain technology.

Bitcoin has surged in reputation during the last few years as banks have struggled to preserve up with client call for for virtual payments. Bitcoin turned into buying and selling at $8,800 on Friday morning, down barely from its top above $9,800 in advance this month.

Bitcoin isn't simply used for making payments — it may additionally be used as an funding vehicle, with a few buyers shopping for into cryptocurrencies at a fee they suppose will upward push in cost over time.