Australia’s Commonwealth Bank finds not participating in crypto riskier as compared to falling prey to the FOMO. Yes, there are obvious downsides to investing in crypto, like volatility but not investing leads to greater loss. Crypto gives an opportunity to investors that haven’t been seen in a long time, and no bank or investor wants to lose out on the same.
Commonwealth Bank on investing in crypto
Even the Bank is feeling the fear of missing out on not investing in crypto. The FOMO is real, and if you follow crypto closely, you must know. Almost all major banks and companies have come around to investing in crypto but there are still some who are still evaluating the same. Being the largest Bank in Australia, if Commonwealth does dive into the world of crypto, it would mean a great deal for investors. Yes, crypto is still very volatile and risky but with significant risk comes greater return.
Considering the potential returns of crypto in the next few years and the rising demand and adoption, it will be a missed opportunity if one doesn’t invest in the same. The Bank also noted that they do see crypto as a very volatile and speculative asset. But at the same time, they say that the technology is not going away anytime soon. And this is why they want to understand the tech behind it and offer it to their customers. In fact, a few weeks back, they announced that they would start offering to buy and sell options for cryptocurrencies to their users.
The Bank’s take on CBDCs
Central Bank Digital Currencies are also a very solid topic going on in the crypto world right now. Commonwealth bank also gave their take on the same. They said that central banks are looking at CBDCs and their application, and they would like to participate in the same. The Bank also added that they want to play a role in Australia becoming a better version of the future.
What are your thoughts as Commonwealth Bank finds not participating in crypto riskier? And do you think that crypto offers an opportunity that is once in a lifetime? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Fund managers think that Bitcoin is a better store of value than Gold.
