In this age now, the virtual currencies have gained tremendous significance. Those who have invested in such currencies have gained a huge profit in the past some years. One such event is recently in the limelight as one of the known personalities has revealed his huge profit from Bitcoin revolution. Julius Baer, which is ranked at the fifth position in top Swiss Banks, saw a decent profit of more than 34% this year. It recently began offering digital currencies like Bitcoins to consumers, and this growth can be attributed to this integration. The bank manages more than $400 billion in assets, and the overall profit has increased by more than $500 million this year. The trading revenues have come mostly from the US and the European region. The bank had rolled out Bitcoin integration in January this year, and it has seen good participation in recent months.
Trading revenues increased allover
The trend remains the same with many other major banks this year. The trading revenues saw a significant increase as the fear of Covid 19 pandemic led to a lot of changes in the stock market and other markets around the world. Most stock markets rallied, and retail participation went up by a huge margin as many new players entered into the market during this pandemic period. JPMorgan earned $4.7 billion net income in the second quarter, which is its highest revenue on a quarterly basis so far.
Retail trading in Julius Baer
The situation with Julius Baer is also similar as many retail investors increased their participation in recent months that led to high revenues. The trading activity has been high since April when the pandemic started to expand all over the world. It has been continuing in the same direction ever since, and even Bitcoin reached its highest level in this period. The spike in Bitcoin prices have surprised many investors, and they are expecting some correction from these levels soon.
Even stock markets have seen a good amount of volatility as prices continued to swing in both directions on most days. However, the new stimulus package has boosted the spirits of the market, and they see new highs on a daily basis. The trend is likely to continue for a few more months as the central banks are willing to back the markets with more stimulus shortly.