Head of Digital Assets at Bank of New York Mellon: The 2022 Crypto Bear Market Will Not Deter Institutional Interest in Digital Assets

2023-02-09 13:47:34

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ChainCatcher news, Michael Demissie, head of digital assets at BNY Mellon, stated that the digital asset industry "will continue to exist," as institutional investors have a strong interest in cryptocurrencies. He said, "What we are seeing is that clients are absolutely interested in digital assets."

Demissie cited a survey conducted by BNY Mellon in October 2022, which found that 91% of custody bank clients are interested in investing in blockchain-based tokenized products. The survey also revealed that 86% of institutional investors are adopting a "buy and hold" strategy, which may indicate that they view the cryptocurrency market as a long-term investment. Additionally, 88% of respondents stated that the severe downturn in the cryptocurrency market in 2022 did not change their plans for long-term investment in the digital asset space. (Reuters)

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