Over the past nine years, this is the story of changing Wall Street attitudes. In 2017, Morgan Chase CEO Jamie Dimon publicly declared that Bitcoin was a scam, and anyone working on it within their institution would be immediately fired. That day, Bitcoin dropped by two percent.

Now look at what’s happening. Goldman Sachs has now submitted an application for a Bitcoin premium income ETF. Morgan Stanley has launched their own spot Bitcoin ETF, which attracted $3.4 billion on the first day. In the same week, Trump’s chosen Fed Chair candidate Kevin Wors mentioned investments in Polymarket, Solana, and various Ethereum projects in his financial disclosures.

This is not just a product launch; it’s a systemic shift. What Goldman Sachs is doing isn’t a spot Bitcoin ETF but a covered call strategy—that is, earning income from Bitcoin’s volatility. Their target audience isn’t the retail investor but institutional clients managing hundreds of millions to billions of dollars who believe in the Know Your Customer policy.

Morgan Stanley has 16,000 financial advisors managing $9.3 trillion in assets. Previously, these advisors could recommend third-party ETFs. Now, they will be able to sell their own products. More importantly, Morgan Stanley is advising their clients to allocate 2 to 4 percent of their portfolios into crypto. When this advice is delivered with the Know Your Customer and responsible serving principles, it brings unprecedented capital into the industry.

Kevin Wors’s 69-page financial file reveals even more. The next Fed Chair not only bought Bitcoin but also invested in Ethereum layer-two solutions, decentralized prediction markets, and Bitcoin payment infrastructure. This isn’t a personal conviction; it’s a strategic stance.

Wall Street never had trust, only calculations. When these large institutions work together, they don’t think about Bitcoin’s philosophy. They see an asset class trading trillions of dollars annually, with over 60 percent volatility, and continuously maturing. They see management fees, trading commissions, and structural product premiums.

In the medium term, as Wall Street turns Bitcoin into an income-generating asset, pension funds, insurance companies, and university endowments will enter, which previously avoided it as “too volatile.” When the principle of knowing your customer and serving responsibly is established, most of that capital won’t even exit.

In the long run, when the Fed Chair candidate’s portfolio includes Solana and top Wall Street banks compete over Bitcoin ETFs, there will be no need to ask, “Is Bitcoin a legal asset?” The question becomes: where are you positioned in this new system?

Threats of dismissal in 2017, selling Bitcoin to every client by 2026. Wall Street has no trust, only numbers. When the numbers become large enough, any trust will change.