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

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)