BNY Mellon, America’s second-largest investment bank, believes crypto is here to stay.
Michael Demissie, head of digital assets at BNY Mellon, believes cryptocurrencies are now so metabolized that they are a structural phenomenon.
Summary
BNY Mellon’s position on the crypto market
As excellently summarized by Watcher Guru in the following tweet:
JUST IN: 🇺🇸 US banking giant BNY Mellon says #cryptocurrency is here to stay.
— Watcher.Guru (@WatcherGuru) February 9, 2023
The position of America’s second-largest investment bank is quickly stated.
At the Afore Consulting conference, the bank’s head of digital assets spoke on the topic of cryptocurrencies.
According to the banking official, crypto is “here to stay” mainly because of the interest investors are pouring into this asset.
Its not only small investors fascinated by Bitcoin but now institutional investors are also taking an interest in digital currencies, among them BNY Mellon.
Michael Demissie stated the following at the conference:
“What we see is that customers are absolutely interested in digital assets in general. We absolutely need clear rules and rules of the road. It’s important that we navigate this space responsibly.”
The survey underlying the US bank’s thought process
Last year in October, BNY Mellon took its first steps toward the interaction of crypto with the financial world it represents.
Through the launch of a new ad hoc platform, the bank’s customers gained access to this world for the first time.
Customers of the US lending institution, were thus able to purchase cryptocurrencies and financial instruments involved in the asset for the first time.
Platform launched in October also serves as a wallet, a kind of parallel ad hoc account for crypto assets.
BNY Mellon executive’s statements above were inspired by the survey that had come out at the same time as the platform’s launch.
The survey reported how 91% of BNY Mellon’s clients were very aware of blockchain-based tokens.
American bank has always supported all those projects aimed at supporting:
“financial infrastructure to support digital assets.”
The survey, conducted on a representative and anonymous sample of bank customers, had revealed something sensational.
Everyone is crazy about cryptocurrencies according to the survey, in fact:
“91% of custodian bank customers are interested in investing in blockchain-based tokenized products.”
Other very interesting data also emerge from the research conducted.
This report shows how 86% of institutional investors tend to hold their investments.
The strategy of the investment designed for a time frame of years is an indication of investors’ willingness for this market to proliferate and grow.
The potential of the market is enormous, so much so that lending institutions such as Credit Suisse owe 30% of their revenue to cryptocurrencies.
Amid the clamor for a long life to crypto, BNY Mellon through Demissie’s voice has laid the groundwork for a pro-crypto front.
character of the typical crypto investor
The last interesting data from the survey also brings out the character of the typical crypto investor.
According to the research, 88% of those who participated in the survey do not change their strategy due to a downturn in the market.
The typical crypto investor has not been influenced by the various disasters of the past year and the sharp drop in values.
The attitude as written above is a clear sign that cryptocurrencies are here to stay.
