This week, I am contemplating what is happening on Wall Street. Goldman Sachs and Morgan Stanley are both moving forward with Bitcoin products. This is no coincidence.

In 2017, Jamie Dimon said Bitcoin was a scam and that anyone trading it would be fired. Nine years later, the same firm’s colleagues are competing to sell Bitcoin products to every client. This is an extraordinary example of a change in attitude.

What Goldman Sachs has applied for is not a simple spot Bitcoin ETF. It is a premium income ETF that uses a covered call strategy. In simple terms, they hold shares of a spot Bitcoin ETF and sell call options on them to earn income from the option premiums. This means if Bitcoin rises rapidly, you won’t capture the full profit, but if it moves sideways or increases slightly, you’ll earn extra income. It is designed for institutional investors who want stability, not just trust.

BlackRock has already introduced a similar strategy in their Beta ETF. Two major banks focusing on the same approach at the same time means the next battle is clear: who can best package Bitcoin within traditional asset management.

Morgan Stanley is moving even faster. Their MSBTA ETF launched on April 8 with a 0.14% fee, which is cheaper than BlackRock’s. It attracted $3.4 billion on its first day. It is rated among the top 1% of ETF launches.

But the real strength is not the fee, it’s the distribution. Morgan Stanley has 16,000 asset advisors managing $9.3 trillion. Now they can directly promote their own Bitcoin products. More importantly, Morgan Stanley is advising clients to keep 2-4% of their portfolios in crypto. When such a large platform makes this recommendation, the flow of money is enormous.

But the most interesting part of this week is Kevin Warsh’s 69-page financial disclosure filing. Warsh is the chosen next Federal Reserve Chair under Trump. Look at his investment portfolio: Polymarket (decentralized prediction market), Solana, Tenderly (Ethereum development platform), Flashnet (Bitcoin Lightning Network), and various DeFi protocols. These positions are small, and he plans to sell them after confirmation, but the message is clear: the person trying to control U.S. monetary policy has invested in some of the most advanced projects in the crypto ecosystem.

Michael Saylor has predicted that Warsh will be the first Bitcoin-supporting Fed Chair. If this was said in 2017, people would have laughed. But by 2026, it will be a reality.

What do these three events together tell us? Wall Street has no faith, only calculations. As an asset class, Bitcoin handles a trading volume of trillions of dollars annually, with over 60% volatility and a mature options market. There are opportunities to earn from management fees, trading commissions, and structured product premiums.

What does this mean for small investors? In the short term, more ETF options and lower fees. In the medium term, Bitcoin becomes attractive to conservative investors like pension and insurance funds. In the long term, when Fed Chair candidates invest in crypto and big banks compete with products, questions about Bitcoin’s legitimacy will no longer be relevant. The question becomes: where do you stand in this new system?