Wall Street is Changing Its Tune, Security Tokens, and Paying Tuition with Crypto
Ric Edelman: The CEOs of BlackRock, JPMorgan Chase and Goldman Sachs all told security analysts that client demand for digital assets is rising. Blackrock CEO Larry Fink says BlackRock is studying digital assets as well as stablecoins, tokenization and blockchains. Blackrock just launched a blockchain ETF. This is kind of a funny turnaround for Larry Fink. Four years ago, he called Bitcoin “money laundering”. He changed his tune, hasn't he? JPMorgan Chase CEO Jamie Dimon says JPMorgan is building blockchain technology. Last year, Jamie Dimon called Bitcoin worthless. And at Goldman Sachs, CEO David Solomon says, "There is significant focus on Bitcoin". And Goldman recently funded the acquisition of Poloniex, a digital assets exchange that lets people buy and sell Bitcoin and other digital assets. Goldman is also looking to engage in NFTs, particularly tokenization of real assets. Solomon says that crypto, blockchain and the digitization of money is going to spur significant change in the way money moves around the world.
In New York, a beauty care retailer is offering investors a new kind of security: a security token. The token converts into a share of stock when the company does an initial public offering. If you buy the token now, you get a 20% discount when they go public.
Bentley University in Waltham, Mass. is now accepting crypto when you pay for your tuition. Many other colleges and university will soon follow. Stay tuned.