8 out of the 10 largest banks in the US are involved with crypto lending, says Michael Saylor

Source: PortaldoBitcoin Original Title: 8 of the 10 largest US banks are involved with crypto lending, says Michael Saylor Original Link: The founder of Strategy, Michael Saylor, highlighted at a public event that the highest echelons of the traditional financial market have radically changed their minds about Bitcoin in a short period of time. The executive emphasized that out of the ten leading banks in the US, eight are involved in crypto lending.

“All of these have shifted from a hostile, negative, or skeptical environment to a positive view in the last 12 months,” said Saylor, who attended a blockchain event in Dubai this week. “It used to be a scenario where I couldn’t get on the same page about Bitcoin with any of the big banks.”

Another example cited by Saylor is that Schwab, a US financial services company, announced that at the beginning of next year it will start to custody Bitcoin and grant credit with crypto assets as collateral, and Citi Bank disclosed that it will follow the same path.

US BANKS HAVE OFFICIALLY FLIPPED

In the last 12 months, giants like Citi, JPM, Wells Fargo, BofA, and Vanguard have turned pro-crypto. Now, 8 of America’s top 10 banks are offering crypto-backed lending.

Saylor and Bitcoin

Founded by Saylor, Strategy holds 650,000 bitcoins, valued at about $60 billion and representing 3.1% of the total BTC supply.

For founding the largest BTC treasury in the world, Michael Saylor has become a sort of spokesperson for Bitcoin among institutional investors. The entrepreneur emphasized that the price fluctuation of the cryptocurrency should not be seen as a problem, but as a fundamental part of its nature.

According to the head of Strategy, volatility is “a feature, not a bug,” and plays an important role in price discovery for an asset still undergoing global adoption.

Regarding his strategy of investing in Bitcoin through Strategy, Saylor pointed out that the BTC treasury company could withstand a drop of up to 90% and still continue operating.

“The company was designed to withstand a drop of 80% to 90% and continue operating. So, I think we’re pretty indestructible. Our leverage is, you know, at the 10 to 15% level, now going toward zero, which is extremely robust,” said Saylor.