2022 was the winter of the crypto market after it had blossomed in 2021. Michael Demissie, the head of digital assets at Bank of New York Mellon (BNY Mellon), said in a conference held on February 8th that although 2022 shook the public trust in cryptocurrencies, the market is here to stay. Previously, BNY Mellon had announced the appointment of Caroline Butler as CEO of digital assets to pursue crypto adoption Demissie pointed to a survey conducted by BNY Mellon in October 2022 which indicated that 91% of custodian bank clients think the crypto market is a profitable investment place. The survey also showed that 86% of enterprise investors have a buy-and-hold approach to cryptocurrencies and consider crypto assets as long-term investments. Also, according to a Reuters report, investors have faith in the flourishing of the crypto market and blockchain projects.
Additionally, Demissie stated that Washington, D.C., needs to set a comprehensive framework for industrial parties to have a clear roadmap for developing the crypto assets. He implied that the current crypto status concerning rules and regulations has kept institutional investors on the fence, and the authorities must fill the gap in this domain.
Source: https://cointelegraph.com/news/us-banking-giant-bny-mellon-says-digital-assets-are-here-to-stay
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