BNY Mellon, the oldest bank in the United States, firmly believes that cryptocurrencies are here to stay, stating that they have the potential to become permanent financial assets in the economy.
At a recent conference on cryptocurrencies and financial regulation, Michael Demissie, BNY Mellon’s Head of Advanced Solutions, shared the results of a survey of the bank’s clients in October 2022, which found that more than 90% of respondents expected invest in tokenized assets.
Demissie stated that the research points to growing customer interest in digital assets, meaning that cryptocurrencies have now become an integral part of the financial market. However, he also believes that it is crucial to regulate the cryptocurrency industry to ensure safe and responsible browsing.
Cryptocurrencies are here to stay, says BNY Mellon
Despite a major crash in the cryptocurrency market in 2022 due to high interest rates and the collapse of crypto companies, BNY Mellon believes in the industry’s long-term strength and stability.
It is important to emphasize that BNY Mellon is one of the oldest and most respected banks in the world and its position in cryptocurrencies is a strong indicator of the growing adoption of these assets by major financial institutions.
In summary, BNY Mellon believes that cryptocurrencies are here to stay and are a structural phenomenon in the financial market. The recent survey of the bank’s clients confirms this growing interest in digital assets.
The bank also discovered that the Brazil is the second largest country in terms of the percentage of institutional investors who say they are currently exploring or investing in tokenized assets.
BNY Mellon believes that cryptocurrencies are a long-term investment opportunity
The BNY Mellon review also showed that 86% of institutional players take a “buy and hold” approach, suggesting they view the cryptocurrency market as a long-term investment opportunity.
Demissie stressed the need for further regulation in the sector as a way to promote reliable service providers and increase investor confidence. He indicated that it is important that the cryptocurrency market is approached in a responsible manner.
“We absolutely need clear rules. We need credible and responsible industry players who can provide reliable services and build investor confidence. It is important to work responsibly in the field of digital currencies”Demissi said.
Known for its innovative approach to digital assets, BNY Mellon has already received approval from New York banking regulators to accept deposits in Bitcoin and Ether from select clients.
With its established position in the financial market, BNY Mellon believes that cryptocurrencies are a long-term investment opportunity for its clients.
Source: Live Coins
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.
