With cryptocurrencies slowly recovering, hope is once again blowing through the market. Michael Demissie, head of digital assets at a US bank, also has positive things to report. While crypto has been declared dead several times, Demissie says the digital asset industry (aka crypto) is here to stay. In fact, 91% of their customers want to invest in blockchain products.
‘Here to stay’
Banks are usually not very happy with the arrival of cryptocurrencies. So saying a lot that a giant US bank employs a “head of digital assets”. At Bank of New York Mellon (BNY Mellon), this is Michael Demissie. He is confident that the end of the cryptocurrency market in 2022 will not stop institutional investors from staying away.
He does not think the interest of these parties will diminish, he said at a conference of Afore Consulting on February 8. “Digital assets are here to stay. We see that general customers are definitely interested in digital assets,” he told Reuters.
91% want to invest in blockchain products
Demissie backed up her claims with a BNY Mellon study. It showed that 91% of bank customers are interested in investing in blockchain-based products. This survey also found that 86% of institutional actors are HODL (Hold On for Dear Life). This is also known as a buy and hold strategy.
This seems to confirm that many of their clients have a positive vision for the future of these digital assets. In addition, 88% stated that the sharp fall in the cryptocurrency market in 2022 has not changed their long-term plans.
need more clarity
Demissie said the US government needs to work hard to evolve players in the industry. According to him, the legislation is not very clear at the moment and needs more clarity.
“We absolutely need clear rules and traffic regulations. We need responsible players who can deliver reliable services that earn the trust of investors,” he said. “It’s important that we navigate this space responsibly.”
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Source: Btc Direct
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
