However, even if the price of Bitcoin is low, financial institutions are not rushing to invest. A June 30 article by Lyllah Ledesma of CoinDesk shows the stagnation of Bitcoin balance held on certain exchanges and the decline in the number of “whale” Bitcoin accounts or accounts above 1,000 BTC.
This is partly due to the slow transition of institutions to crypto space, Thurson said.
“I called the Australian pension fund with a $ 200 billion share because they wanted to know more about cryptocurrencies and asked what their timeline was,” Thurson said. .. “They said,’Well, we’ll investigate the asset category, and if we want to invest this quarter or maybe summer.’ Then submit to the board and decide whether to invest. If you decide to invest, consider whether you want to invest yourself or appoint a manager who needs a quarter. Then we will do another survey to evaluate the driver. “It will take at least two years for them to invest, but at least the ball will roll.”
Thurson said State Street’s creation of a 450-person digital asset unit shows that even giants of institutions notorious for implementing new assets, technologies, and technologies are beginning to take crypto space seriously. Said.
BNY Mellon recently announced plans to enter the crypto storage industry through a partnership with Grayscale. (Disclosure: Grayscale is the property of Digital Currency Group, CoinDesk’s parent company.)
Ramna Gappan, Chief Information Officer of BNY Mellon Persing, said: “On our side, we are trying to install the infrastructure and chassis to handle these assets.”
“It won’t go away,” he continued. “If so many agencies, regulators and laws are in force, it just can’t go away. It will simply be renewed into a format that is more acceptable to all who are still on the sidelines.” ”