Bloomberg Law
Feb. 9, 2021, 7:22 PM

Wall Street Stays on Crypto Sidelines as Tesla Boosts Bitcoin

Matthew Leising
Matthew Leising
Bloomberg News

Tesla Inc.’s $1.5 billionBitcoin purchase this week sent the cryptocurrency soaring to a record, with many of its most vocal adherents feeling validated in their “to the moon” predictions. For the largest U.S. banks, prospects for the digital asset are decidedly more earthbound.

Top lenders still mostly shy away from crypto. While futures contracts based on Bitcoin and Ether, the second-largest digital currency, are available at major exchanges, none of the six biggest U.S. banks offer their customers access.

Their reticence should come as no surprise: Banks weren’t invited to the crypto party in the first place.

“A ...

Learn more about Bloomberg Law or Log In to keep reading:

Learn About Bloomberg Law

AI-powered legal analytics, workflow tools and premium legal & business news.

Already a subscriber?

Log in to keep reading or access research tools.