Interactive Brokers will start providing cryptocurrency trading services by the end of the summer, according to chairman and CEO Thomas Peterffy.
“Customers certainly are asking for [crypto trading] and we expect to be ready to offer it to them by the end of the summer,” Peterffy said today at the Piper Sandler Global Exchange and FinTech Conference.
Interactive Brokers provide services to both individuals and institutions—the firm’s crypto offering will continue a long line of crypto interest from the institutional front that began in earnest last summer when MicroStrategy invested $425 million into Bitcoin between August and September.
Since then, institutional interest has pushed Bitcoin to new heights. Before MicroStrategy’s first Bitcoin investment, the flagship cryptocurrency was priced at approximately $11,000. An ensuing surge of institutional investment helped propel Bitcoin to its current all-time high of approximately $63,000.
However, in recent weeks, negative coverage regarding Bitcoin’s carbon footprint, and regulatory concerns coming out of countries like China and India have poured cold water on Bitcoin, which currently sits at $35,000.
However, Bitcoin remains a popular hedge against inflation for individuals and institutions alike. Considering the fact Peterffy previously admitted he was “very worried” that US inflation could become an “unstoppable situation,” the move may not come as much of a surprise.
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