Note that bankers’ attitudes to digital assets vary. In the UK, for example, Bank of England officials regularly criticise Bitcoin for its key features. As Sir John Cunliffe, deputy governor for financial stability at the institution, said the day before, BTC may even cause a global financial crisis.

At the same time, analysts from Deutsche Bank believe that the first cryptocurrency may well take the role of gold in the future, although its volatility will decrease. Read more about their point of view in a separate article.

Which banks support cryptocurrencies

CBA has already announced a partnership with cryptocurrency exchange Gemini and analytics firm Chainalysis to launch a trading platform. Its pilot version for a limited number of clients will be launched in the coming weeks, with a full-fledged service coming as early as 2022. Ten cryptocurrencies are planned to be supported, including Bitcoin, Etherium, Bitcoin Cash and Litecoin.

Blockchain Australia CEO Steve Vallas said in an exclusive interview with Cointelegraph about the “extraordinary importance” of other major Australian banks joining the trend of cryptocurrency adoption. Here’s the expert’s rejoinder, in which he shares his view of the niche situation.

The certainty of regulation for local crypto traders is only the least of it. The main consequence is the message that will be heard among other major financial institutions around the world – Australia could become a leader in the adoption of cryptocurrencies and other digital assets.

That is, the expert suggests that such action will not only attract new traders and mass investors to join the blockchain coin industry. The bank management's decision is also able to significantly improve the country's position in the international cryptocurrency arena in terms of the legislative framework and the pace of innovation adoption.

Blockchain Australia CEO Steve Vallas

Vallas believes that the popularisation of cryptocurrencies has forced banks to change tactics from simply watching the industry to needing to act. Now, those organisations that will lag behind in integrating blockchain technology will incur potential losses.

Other banks will inevitably follow suit. There is growing clarity in the local regulatory framework for cryptocurrency regulation, with issues of this level beginning to be addressed in direct dialogue with industry and government representatives.


So it is possible that Australia will become a major player in this area in the near future. And it'll be trying to get entrepreneurs and big investors to relocate.


Australia’s biggest banks

We can assume that the “green light” for crypto in Australia gives a high probability of Bitcoin’s meteoric rise in 2022. However, BTC’s “fair” price has supposedly been reached long ago – this is the opinion of analysts at US banking giant JPMorgan. In their recent report on alternative investment vehicles, they noted that Bitcoin should be valued at around $35,000, which is 45 percent below the current price, according to the bank’s analytical model.

However, that doesn’t mean that crypto will stop growing in the future. Experts still expect the price of BTC to reach $73,000 in the coming months. However, they doubt “overly optimistic predictions”, i.e. Bitcoin’s growth above $100,000. Here’s a quote from bankers on what’s happening.

JPMorgan’s forecast does not match the price targets above $100,000 that are so often pinned on 2022.

Note that the market does not have to move according to the bankers' statements. Therefore, globally their statement means nothing: the niche can go either way.

Moreover, Bitcoin’s current market price is allegedly “too unattractive as an entry point into the market”. In other words, JPMorgan hints that the best strategy to buy BTC at the moment would be to wait for a new local market crash.

Bitcoin’s fall in value


We think the actions of Australian bank executives look far more convincing than the predictions of JPMorgan staff. Apparently, the former have already seen a long-term trend in cryptocurrencies that is not going to disappear. So the most logical decision here was to join the blockchain revolution, rather than go to war with it.


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