Revenues Of Banks That Support Bitcoin Increased
After the leading banking institutions started to provide Bitcoin support, their income increased.
The statement made by the top five Swiss banks, which manage $ 427 billion of assets, on July 20, announced that their profits increased by $ 524 million in the past two quarters. Banks are happy with the rise in trade revenues in the US and Europe.
Julius Baer announced that his profit rose 34 percent in the first half of 2020. This increase in profits of the bank took place in January, when it launched custody services under digital assets such as Bitcoin (BTC).
Is there a general increase?
It was observed that large banks experienced a serious rise in the second quarter of 2020. The emergence of economic measures packages after the epidemic led to panic sales in the stock market and the excitement of FOMO.
There has been a notable increase in demand for stocks. In particular, the commercial departments of banks helped increase in earnings. JPMorgan recorded a net income of $ 4.7 billion in the second quarter of 2020. This amount was announced as the highest quarterly earnings in the history of the US investment bank.
Like other banks, the rise in Julius Baer’s profit seems to be coming from increased personal trading transactions since April. Bitcoin has experienced high volatility from March to May, while it has experienced quite low volatility since June.
In the two months behind the big fix, Bitcoin experienced a 190 percent increase from $ 3,600 to $ 10,440. As Julius Baer started supporting digital assets in January, it could be the use of Bitcoin price volatility between March and May.