Michael Demissie (head of digital assets at Wall Street powerhouse Bank of New York Mellon) has revealed that investors still have a lot of interest in the digital asset market despite the bear market.
According to Reuters ReportDemissie believes that cryptocurrencies will be around for the long-term because investors are still interested in the emerging industry despite the collapses of many firms last year.
Demissie: Digital Assets Are Here to Stay
A panel of crypto experts was hosted by Afore Consulting at the seventh annual FinTech and Regulation Conference.
Demissie stated that clients are very interested in digital assets broadly.
Demissie used an October survey by the bank to support his argument. Demissie cited the bank’s October survey to support his point. ReportThe study, “Migration to Digital Assets Accelerates,” showed that both institutional and investor interest in crypto assets was increasing.
91% of 271 institutional investors polled said they are interested in investing tokenized products because it would revolutionize asset management, and that this would be good for the sector.
Additionally, 88% of respondents indicated that they are comfortable with digital representations of cash using blockchain-based technology. 86% of bank clients stated that they use the “buy and keep” strategy to invest in cryptocurrencies.
Crypto Industry requires deeper regulation
Notably, 69% said that they would consider investing in crypto if institutions with high ratings offered digital asset services. Demissie asked the U.S. authorities for regulatory clarity to allow the industry to move forward.
“It is important to navigate this space responsibly. Clear regulations and rules are essential for this road. He stated that responsible actors are needed to provide reliable services that earn the trust of investors.
BNY Mellon has recently appointed Caroline Butler its CEO of Digital Assets, to accelerate its crypto initiatives. This appointment comes just months after BNY Mellon unveiled its crypto custody platform. As CryptoPotato reportedBNY Mellon became the first American bank to permit customers to deposit crypto assets.