Michael Demissie, the head of digital assets at Bank of New York Mellon (BNY Mellon) is adamant that the cryptocurrency market fall in 2022 won’t waver institutional interest in digital assets.
At a conference run by Afore Consulting on Feb. 8, Demissie said the digital asset industry is “here to stay” as institutional investors have held a strong interest in crypto.
“What we see is clients are absolutely interested in digital assets, broadly,” he said, according to a Feb. 8 report from Reuters.
Demissie backed up his thoughts by referencing a survey conducted by BNY Mellon in October, 2022, which found that 91% of custodian bank clients are interested in investing in blockchain-based tokenized products.
The survey also found that 86% of institutional players are adopting a “buy and hold” strategy, which may suggest that they see the cryptocurrency market as a long-term play.
88% of those surveyed also said the severe cryptocurrency market turndown in 2022 hasn’t changed their plans to invest in the digital asset sector over the long term.
Adoption rates of…
