Wall Street banking giants are paying close attention to cryptocurrencies, and asset management giant BlackRock believes that cryptocurrencies will play a long-term investment asset class similar to gold.

Cryptocurrency has grown into a force that even Wall Street giants can no longer ignore.

Wells Fargo, Citigroup, JPMorgan Chase, Goldman Sachs, Morgan Stanley and Bank of America are scheduled to appear before the Senate Banking Committee on Wednesday and the House Financial Services Panel on Thursday, and prepared remarks indicate digital assets will be a key discussion point, with three of the CEOs offering their views on cryptocurrencies.

“We continue to closely monitor the evolution of cryptocurrencies, which have emerged as alternative investment products, although their status as currencies and payment mechanisms remains shaky, ” Wells Fargo CEO Charles Scharf said in a statement.

Wells Fargo is one of the largest financial services companies in the United States, with nearly $2 trillion in assets under management.

The Wall Street banking giant has been quietly deploying crypto business. BitPush previously reported that at the end of last year, the bank mentioned cryptocurrencies and Bitcoin in its client report and compared crypto investment to the gold rush in the 1850s. Next month, Wells Fargo's actively managed crypto investment products will be unveiled.

In public speeches, Citigroup CEO Jane Fraser and Bank of America CEO Brian Moynihan also expressed their concern about cryptocurrencies, and both parties are evaluating crypto-related products and services.

New York-based Citigroup is considering offering cryptocurrency trading, custody and financing options to its clients. Jane Fraser said in a statement: "Citi is focused on understanding the changes in the digital asset space and the use of distributed ledger technology, including client needs and interests, regulatory developments and technological advances. These developments and important risk and control factors are guiding our measured approach."

Brian Moynihan stated: "We continue to evaluate the opportunities, risks and customer demand for cryptocurrency-related products and services. At this time, we do not provide any loans against cryptocurrencies, nor do we target banking companies whose primary business is cryptocurrency or that facilitate cryptocurrency trading and investing."

Another banking giant, Goldman Sachs, once called crypto an “inappropriate” investment, but in March announced that it would relaunch its crypto trading platform and formally set up a cryptocurrency trading team. In fact, Goldman Sachs has been planning to create a Bitcoin trading desk since 2017.

On the same day, asset management giant BlackRock also expressed its views on encryption.

BlackRock Inc is studying cryptocurrencies such as bitcoin to determine whether the asset class can provide countercyclical benefits, Chief Executive Officer Larry Fink said at its annual meeting on Wednesday.

When a shareholder asked at the meeting whether the company would invest in Bitcoin, Fink responded: "The company is already monitoring the development of crypto assets. We are studying its implications, infrastructure and regulatory landscape."

BlackRock, which manages about $9 trillion in assets, is the world's largest asset management company. Fink said BlackRock is a long-term investor and cryptocurrencies may play a role similar to gold in long-term investment.

Broker-dealers are among those making the most money from the volatility of many cryptocurrencies and their wide bid-ask spreads, he said. For now, it’s too early to determine if cryptocurrencies are “just a speculative trading vehicle.”

BlackRock has always been open to cryptocurrencies. Larry Fink told CNBC in April that cryptocurrencies could transform into "a great asset class." The asset management giant approved two of its funds to trade Bitcoin futures in January and held $6.5 million in CME Bitcoin futures contracts at the beginning of the year.