More and more financial companies continue to enter the cryptocurrency fray. Such companies stand to earn huge sums from investments and trading fees. However, not all companies rushed into cryptocurrencies, and some remain holdouts today. Barclays President Tim Throsby mentioned the firm's potential interest in cryptocurrencies late last year. No major developments came from those statements, though. Then again, a recent report from Bloomberg shows Barclays warming up to this foray.
Barclays Gauging Clients' Interest In Cryptocurrency Trading
According to Bloomberg, Barclays ran internal assessments to gauge its clients' interest in cryptocurrencies. The assessment was somewhat limited in scope and probably didn't poll smaller investors. Bloomberg's sources wanted to remain anonymous to avoid reprisals, so this information is closer to a rumor than fact. Still, it wouldn't surprise anyone if Barclays wants to wade into cryptocurrencies and digital assets. Potential long-term gains are too difficult to ignore after all.
As some investment firms have avoided cryptocurrencies, others have embraced them. Many early adopters have seen positive results with income and investment gains. Firms benefit from their own internal investments as well as the moves of investors. If a given firm charges a fee, then it earns a profit whether cryptocurrencies perform well or not. In this situation, the firms sitting on the sidelines continue to see opportunities passing themselves by as time goes on.
What's Next For Barclays and Cryptocurrencies In General?
The next few months should see more reports about Barclays wading into cryptocurrencies. Within a year or two, it's highly likely the company will offer its clients a cryptocurrency trading desk. Barclays is a gigangit investment bank with countless resources and the ability to make this transition with ease. Client demand could be high enough to convince the company to make this investment offering sooner rather than later.
Cryptocurrencies themselves have been on a rollercoaster in 2018. Virtually all currencies are down from their yearly highs. Nonetheless, recent bullish moves have lifted major cryptocurrencies to levels not seen in months. The percentage gains are inching higher and higher, so a recovery could be in order for cryptocurrencies soon enough.