Head of the digital assets business segment at Bank of New York Mellon (BNY Mellon) Michael Demissie is determined that the cryptocurrency market crash of 2022 will not sway institutional investors away from crypto and digital assets.

At a Afore Consulting conference on February 8, Demissie stated that the digital asset industry is “here to stay”, believing that institutional investors remain strongly interested in crypto. To back his statements, Demissie referenced a survey conducted by BNY Mellon in October which revealed that 91% of custodian bank clients have some interest in investing in blockchain-based tokenized products.

The survey also unveiled that that 86% of institutional market participants are adopting a “buy and hold” strategy, indicating that these investors envision long-term growth for the crypto space. 88% of survey participants also said that the harsh conditions of the crypto market in 2022 have not affected their plans to invest in the digital sector for the long-run.

Sources:

https://cointelegraph.com/news/us-banking-giant-bny-mellon-says-digital-assets-are-here-to-stay

https://www.investing.com/news/cryptocurrency-news/us-banking-giant-bny-mellon-says-digital-assets-are-here-to-stay-2998946

https://www.reuters.com/technology/investors-absolutely-interested-digital-assets-bny-mellon-2023-02-08/