On that note, JP Morgan strategists opined that the main issue with the idea that mainstream corporate treasurers will follow the example of Tesla is the volatility of bitcoin. Specifically, “corporate treasury portfolios are typically stuffed with bank deposits, money market funds, and short-dated bonds, meaning that annualized volatility – or the range of swings during the course of a year – hovers around 1%,” JPMorgan wrote, adding that a one per cent bitcoin exposure would cause a significant increase in a portfolio’s volatility to as much as eight per cent. Nonetheless, the bank’s strategists, however, acknowledged the positive impact of Tesla investment on the bitcoin market.

In terms of other positive developments, it was reported by CoinDesk that BNY Mellon, the world’s largest custodian bank with some $41 trillion in assets in its safekeeping, is moving into crypto. The bank will roll out a new digital custody unit later this year, to help clients deal in digital assets, including cryptocurrencies.

Furthermore, US capital markets are ready for a bitcoin exchange-traded product, U.S. Securities and Exchange Commissioner Hester Peirce said on CoinDesk TV. The regulator playfully known as “crypto mom” said people are already eager to trade a bitcoin ETP, “and so if we don’t give them the natural way, which I think would be an ETP, they are going to look for other (less optimal) ways to do it.” If all that wasn’t enough, PayPal’s CEO, Dan Schulman, laid out a vision during its investor day on Thursday for the company’s digital wallets being the means by which central banks distributed CBDCs to consumers across income levels.