Wall Street Turbocharges Bitcoin's Wild Rally and Rakes In Cash
Traditional financial firms are now married to crypto (for better or worse)
A Bitcoin statue at a plaza in Ilopango, El Salvador, on Wednesday, Feb. 28, 2024.
Photographer: Camilo Freedman/BloombergTo Jamie Dimon, it's no better than a “pet rock.” To the late Charlie Munger, longtime lieutenant to Warren Buffett, it's “massively stupid.” And to US Senator Elizabeth Warren, it's a great tool if you’re a terrorist, drug dealer or fraudster.
Perhaps. But here's something else about Bitcoin: It’s not going away anytime soon. And what was once almost universal resistance to it on Wall Street is disappearing day by day.