Michael Saylor, executive chairman of Strategytold those present Binance Blockchain Week that the wall of skepticism within the big banks is collapsing faster than he ever expected.
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He said he had thought it would take four to eight years for major financial companies to fully get on board Bitcoin. Now, he says, that timeline is shrinking and the shift is immediately visible.
Banking giants are reversing course
According to Saylor, over the past 12 months, major players – including Citibank, BNY, Bank of America, PNC, JPMorgan, Wells Fargo and Vanguard – have shifted from hostility to a more welcoming attitude towards crypto.
Reports have revealed that Vanguard has allowed customers to trade ETF shares tied to XRP and Bitcoin through its platform. Saylor added that internal plans are in motion at several institutions to roll out custodial services and lines of credit tied to crypto holdings.
Loans backed by Bitcoin
Based on Saylor’s comments, Charles Schwab is preparing to offer Bitcoin custody and credit to BTC next year, and Citibank is said to be moving in a similar direction.
Recalling previous difficulties in securing bank loans using Bitcoin as collateral, he said lenders have reversed their approach within about six months.
According to him, eight of the ten largest US banks now issue credits backed by Bitcoin, a claim that highlights how quickly attitudes within the sector appear to be changing.
The political climate could speed things up
Saylor pointed to policy changes under US President Donald Trump as a factor that has encouraged banks to sit on the sidelines.
Many companies experimented with blockchain years ago — Goldman Sachs, for example, issued one of the first Bitcoin-backed loans in 2022 — but a friendlier regulatory tone, he said, has accelerated planning and product development.
Yet banks face legal, operational and risk hurdles before these services reach broad retail customers.
Markets watch Fed announcement
Meanwhile, traders and analysts are to look the Federal Open Market Committee. The Fed is expected to cut rates by 0.25%, bringing the target to 3.5%–3.75%, a move that often boosts risky assets like Bitcoin. There is likely to be volatility surrounding the announcement, with some market participants warning that early rallies could quickly reverse if the Fed issues forward guidance.
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Technical signals and sentiment
Bitcoin’s own moves were discussed alongside the banking story. The crypto fear meter reached 10 this week, which is a signal extreme fearand the price recovered from $86,700 to about $92,300.
One analyst spotted resistance near $94,200 and suggested a clean break could open a path to $103,000. Another observer noted that Bitcoin has lagged the Nasdaq’s recovery, a divergence that could go both ways if markets shift.
Featured image from The Information, chart from TradingView