Cryptocurrency ownership remains widespread, according to multiple 2022 studies, although the first half of this year was defined by a visible meltdown. Crypto investors across the board have lost massive amounts of value, but so have equity investors, with the S&P down 21% this year to the end of June. According to Morning Consult’s 2022 State of Cryptocurrency report and according to, 17% of her US adults say wither them or someone in their family owns cryptocurrency. This is down from a peak of around 23% in the second half of 2021, but the same survey found that intent to buy cryptocurrencies remains strong.

Banks are adapting

One financial institution that is all-in on crypto bank Revolut. Launched in 2015, Revolut allows 18 million customers to buy cryptocurrencies and return cash earnings to their Revolut accounts. The minimum transaction amount is only $1, but there are high fees for transactions so far. 

Headquartered in Nashville and with $12.5 billion in assets, FirstBank is laying the groundwork to act quickly when the time is right. The bank, part of his USDF consortium of five banks, aims to create a digital token on the blockchain that will be issued at a 1:1 ratio to existing dollars, said the bank’s Chief Administrative Officer. The token USDF stands for US Dollar Forward. FirstBank will start by identifying the use cases and required frameworks, building applications on top of the blockchain that can move funds via tokenized deposits, eliminating layers of inefficient processes and taking a multi-tiered approach to cryptocurrencies.

What about Bitcoin?

When Warren Baffet declared at Berkshire Hathaway’s 2022 Annual Meeting that he will not buy all the bitcoin in the world for $25 because that would be an immense loss as Bitcoin doesn’t produce anything, BankProv’s Mancini disagreed, affirming that Buffet is deliberately refusing to transform the future of this currency although Bitcoin is an element of content development. He further argued that someone with great influence like Buffett could make this technology work for future generations while keeping investors safe presently and Morning Consult agrees with Mancini, as the real value of cryptocurrencies lies in the underlying blockchain technology. In the cryptocurrency report, Morning Consult said that cryptocurrency as we know it, has owners that represent an exciting opportunity for financial services executives to explore what consumers of the future look like.

Actively forging ahead

Given that many financial institutions are approaching the matter of cryptocurrencies through waiting, observing and ultimately adapting, if necessary, it is quite clear that they are either unconvinced of the underlying benefits of the technology or wary of high volatility and lack of regulation. 

But there are also banks and institutions that are fighting back. For example, NYDIG counts three major core technology providers of partners. FIS, Fiserv and Jack Henry, which want to integrate crypto services into their core and digital banking platforms. Deloitte has also signed a collaboration with NYDIG to help banks and credit unions implement digital assets. In the case of Jack Henry for instance, the partnership will enable banks and credit unions to offer consumer and business accounts access to NYDIG’s Buy Hold Sell functionality through the Banno Digital Banking platform and payments through the JHA PayCenter. Jack Henry Managing Director added that the company is working on a development portal to allow fintech companies, including those in the cryptocurrency industry, to easily integrate with the Jack Henry platform, proving once more that visible efforts can be materialised in integrated solutions.

If you are interested in even more details, check how the approach and actions of the Federal Reserve influence the ownership and investments in Crypto and find more about the matter on

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