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Germany's Largest Savings Bank to Give 50 Million People Exposure to Bitcoin

Mon, 12/13/2021 - 14:46
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Tomiwabold Olajide
Germany's largest savings bank planning to allow customers to buy/sell and HODL Bitcoin
Germany's Largest Savings Bank to Give 50 Million People Exposure to Bitcoin
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According to Financefwd, Germany's largest savings bank, Sparkasse, plans to start a service for cryptocurrencies in 2022. This means that 50 million customers could potentially enter the market for this new form of investment.

Sparkasse, founded in 1778, is planning to enable its over 50 million clients to buy, sell or hodl Bitcoin. The bank reportedly is also currently working on its crypto-wallet.

While big banks continue to grapple with how to engage with Bitcoin, mainstream adoption seems to have arrived. A recent Grayscale report indicates that investors have shown an increasing inclination to own Bitcoin as a profitable long-term investment. In addition, Bitcoin is increasingly crossing generations to reach older investors, including retirees who are keen to consider Bitcoin investment products as a component of their portfolios.

Bitcoin price action

The year 2021 remains a pivotal one for Bitcoin acceptance and adoption as an increasing number of individuals and institutions are now engaging with Bitcoin. BTC rose to all-time highs of $69,000 on Nov. 10 after the launch of the first Bitcoin futures ETF.

Bitcoin (BTC) is presently dipping, trading at $48,000 as of press time. Bulls could not flip the $50K level into support, thus resulting in the slide.

"Fear" remains the present short-term sentiment on the cryptocurrency market, as seen in the crypto Fear and Greed index, which marks an improvement over the ''extreme fear'' seen in the prior week.

Meanwhile, Bitcoin's price remains constricted between the $46,681 and $58,642 range, awaiting the next major move.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.