Top US Banks Shift to Bitcoin-Backed Credit Services, Saylor Reports

Michael Saylor, executive chairman of Strategy, indicated at Binance Blockchain Week that skepticism within major banks towards cryptocurrencies is declining faster than expected.

Saylor originally anticipated a 4-8 year timeline for major financial institutions to adopt Bitcoin, but this shift is happening more rapidly.
In the past year, banks like Citibank, BNY, Bank of America, PNC, JPMorgan, Wells Fargo, and Vanguard have moved from hostility to a more favorable stance on crypto.
Vanguard now allows clients to trade ETF shares linked to XRP and Bitcoin. Other institutions are planning to offer custody services and credit lines tied to crypto holdings.
Charles Schwab plans to provide Bitcoin custody and extend credit against BTC next year, with Citibank pursuing similar paths.
Eight of the top 10 US banks are now issuing credit backed by Bitcoin.

The political climate under US President Donald Trump has encouraged banks to accelerate their crypto strategies. Regulatory changes have supported experimentation and product development, despite ongoing legal and operational challenges.

Market participants are closely watching the Federal Reserve's expected rate cut of 0.25%, which may influence risk assets like Bitcoin. Volatility is anticipated around the Fed's announcement, with potential reversals in early rallies when forward guidance is provided.

Bitcoin's fear index hit 10, indicating extreme fear, with prices rebounding from $86,700 to around $92,300.
Resistance near $94,200 is noted, with a possible path toward $103,000 if a breakout occurs.
Bitcoin's performance lags behind the Nasdaq's recovery, which could impact future market movements.

Market Dynamics