cryptoknowmics.com
The head of digital assets at BNY Mellon, Michael Demissie, doesn't think that the cryptocurrency market fall in 2022 would have much impact on 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.
BNY Mellon Digital Assets Head Has Full Faith In Their Potential
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. Demissie did, however, state that more work needed to be done in Washington D.C. so that industry players can move forward with more regulatory clarity.