{"id":178824,"date":"2021-02-15T20:21:44","date_gmt":"2021-02-15T17:21:44","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bny-mellons-crypto-entrance-seeks-to-bridge-generational-adoption-gap\/"},"modified":"2021-02-15T20:21:44","modified_gmt":"2021-02-15T17:21:44","slug":"bny-mellons-crypto-entrance-seeks-to-bridge-generational-adoption-gap","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bny-mellons-crypto-entrance-seeks-to-bridge-generational-adoption-gap\/","title":{"rendered":"# BNY Mellon\u2019s crypto entrance seeks to bridge generational adoption gap"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a40878ef06e5\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a40878ef06e5\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bny-mellons-crypto-entrance-seeks-to-bridge-generational-adoption-gap\/#What_does_BNY_Mellons_entry_mean_for_the_market\" >What does BNY Mellon\u2019s entry mean for the market?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bny-mellons-crypto-entrance-seeks-to-bridge-generational-adoption-gap\/#Is_a_Bitcoin_surge_a_foregone_conclusion\" >Is a Bitcoin surge a foregone conclusion?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bny-mellons-crypto-entrance-seeks-to-bridge-generational-adoption-gap\/#So_what_should_be_expected_from_Bitcoin\" >So, what should be expected from Bitcoin?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># BNY Mellon\u2019s crypto entrance seeks to bridge generational adoption gap <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvOThiNjFiZGUtMjIzNy00NTA0LThlNmUtMDIzNTQ3ZDU4Yzk1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>While the naysayers continue to wish for the so-called \u201cBitcoin bubble\u201d to burst, the premium cryptocurrency continues to scale to new heights, seemingly with each passing day. For example, within the same week of Tesla announcing its foray into the crypto market, Bitcoin (BTC) proceeded to surge by almost $10,000.\u00a0<\/p>\n<p>And even though the market subsequently faced a correction, things took a turn for the better as soon as <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> broke that BNY Mellon, the United States\u2019 oldest private bank, entered the crypto fray, sending the largest digital currency by total market capitalization on an upward trajectory once again.<\/p>\n<p>In this regard, the banking giant, with $2.2 trillion in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bnymellon.com\/us\/en\/about-us\/about-bny-mellon.html\">assets<\/a> under management and $41.1 trillion in assets under custody and\/or administration, announced its decision to hold, transfer and issue Bitcoin and other cryptocurrencies as an asset manager on behalf of its clients, potentially exposing this asset class to an entirely new section of investors.<\/p>\n<p>Another reason for the current momentum could be payments giant Mastercard announcing its decision to allow its user base to use crypto assets across its 30 million merchants. Additionally, on Feb 11, PayPal announced its plans to expand its recently introduced cryptocurrency offering into the United Kingdom market. Not only that, the company\u2019s mobile service subsidiary, Venmo, also revealed that it\u2019s looking to roll out digital asset services to its 29 million users sometime over the next few months.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_does_BNY_Mellons_entry_mean_for_the_market\"><\/span>What does BNY Mellon\u2019s entry mean for the market?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>As per reports, BNY Mellon is <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/bitcoin-to-come-to-america-s-oldest-bank-bny-mellon-11613044810?mod=mhp\">looking<\/a> to manage cryptocurrencies using a platform that is currently in its prototype phase. In this regard, it has also been reported that the system will in addition be capable of handling a wide array of traditional holdings such as Treasurys and stocks.<\/p>\n<p>It also <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears as though the financial institution has not outlined which crypto assets it will be providing its custody services for. Furthermore, BNY Mellon has already deployed a team of executives, led by Michael Demissie, to spur the integration of cryptocurrency custody and management into the bank\u2019s existing product suite.<\/p>\n<p>Speaking with Cointelegraph, Hank Holland, founder and managing partner of private equity firm Pegasus Growth Capital and former managing director of Merrill Lynch, opined that as an established, trusted private bank and one of the largest custodians servicing registered investment advisers, BNY\u2019s commitment to custody digital assets is a necessary, predicated step for broader investor acceptance and adoption of BTC and other crypto assets:<\/p>\n<blockquote><p>\u201cThe strategic initiative addresses two important obstacles. First, for the average investor who doesn\u2019t want to manage a private key, BNY\u2019s custody solution provides a familiar \u2018on-ramp\u2019 to own BTC. Second, for a financial advisor to recommend an allocation to BTC and digital assets, the investment needs to be on their platform. Thus, enabling them to charge an advisory fee.\u201d<\/p><\/blockquote>\n<p>The first exposure for most of BNY\u2019s clients, according to Holland, will be to buy BTC in order to incorporate the asset into their overall strategic allocation outlook. However, initial client purchases may be followed by other investments into an actively managed portfolio of diverse digital assets, as well as borrowing\/staking strategies to supplement their regular income streams.<\/p>\n<p>Similarly, Marcos Ben\u00edtez Rubianes, client relationship manager for Gazprombank, told Cointelegraph that the news confirms the traditional financial system\u2019s overall growing acceptance of Bitcoin \u2014 the oldest, most liquid crypto asset \u2014 adding:<\/p>\n<blockquote><p>\u201cWe have witnessed a cascade effect since Paypal announced the integration of crypto trading into their platform. Now in 2021; on one side, you have one of the most valuable companies globally, Tesla, acquiring BTC for their balance sheet and, on the other hand, the oldest bank in America, providing Bitcoin services to their clients.\u201d<\/p><\/blockquote>\n<p>Additionally, Rubianes is confident that in the near future, more traditional players will embrace Bitcoin as an asset, maybe even as a payment means, especially because their clients will feel the need to stay abreast with the times and will pressure these institutions to provide them with increased crypto exposure.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_a_Bitcoin_surge_a_foregone_conclusion\"><\/span>Is a Bitcoin surge a foregone conclusion?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>With Bitcoin now beginning to target the $50,000 threshold, it\u2019s worth delving into the question of whether a rally may be looming on the horizon. On the subject, Antoni Trenchev, co-founder and managing partner of Nexo \u2014 a crypto exchange and lending service \u2014 told Cointelegraph that it\u2019s one thing when a tech firm like Tesla embraces BTC, but it\u2019s a whole new ball <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a> when the oldest lender in the U.S. does it, adding: \u201cGenerational clashes are always fascinating to watch. Banks that follow suit, and many inevitably will, will simply be second.\u201d<\/p>\n<p>Rubianes believes that another surge may be in the cards if more financial incumbents take the step toward integrating crypto. If that happens, he believes that interest in the space could potentially increase tenfold. \u201cThose in the crypto space understand quite clearly that one of the most significant barriers to crypto adoption has been, perhaps ironically, the self-custody part,\u201d he added.<\/p>\n<p>However, not everybody shares this narrative. Alexander Suhobokov, head of fintech at Switzerland-based Dukascopy Bank, told Cointelegraph that even though a gradual integration of the crypto and traditional financial industries is actively ongoing, and banks that don\u2019t get with the times in the next one to two years will face a real risk of losing their competitive edge, it&#8217;s highly unlikely that this news will have any major impact on BTC:<\/p>\n<blockquote><p>\u201cThere is a much greater chance that BTC\u2019s value will be under harsh pressure as an externality of the regulators\u2019 decisions on USDT. Let\u2019s hope that these possible disturbances wouldn\u2019t derail crypto\u2019s potential.\u201d<\/p><\/blockquote>\n<h3><span class=\"ez-toc-section\" id=\"So_what_should_be_expected_from_Bitcoin\"><\/span>So, what should be expected from Bitcoin?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Following BNY\u2019s, Mastercard\u2019s and PayPal\u2019s commitment to exploring the crypto landscape more closely in the near future, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> \u2014 home to Jack Dorsey, the man behind financial services firm Square \u2014 recently confirmed that it is looking to offer its employees the possibility of receiving their salaries in Bitcoin.<\/p>\n<p>Not only that, the social media giant\u2019s chief financial officer, Ned Segal, stated that the company is exploring the option of adding BTC to its existing balance sheets. However, he believes that much of this will depend on whether or not enough people are interested in conducting BTC transactions with the tech firm.<\/p>\n<p>Lastly, Daniel Pinto, co-president of major U.S. investment bank JPMorgan Chase, stated in a recent interview that the company too will eventually have to get involved in Bitcoin.\u201cThe demand isn\u2019t there yet, but I\u2019m sure it will be at some point,\u201d he added.<\/p>\n<p>Overall, looking at the sentiment surrounding the space, it seems that there is confidence growing surrounding BTCs chances of reaching the all-important $50,000 psychological barrier, especially as the premier cryptocurrency continues to successfully stave off the bearish momentum that sent the digital asset\u2019s value to as low as $46,110 over the course of the last 24 hours. As a result, BTC is once again sitting comfortably at around the $48,000 mark.<\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bny-mellon-s-crypto-entrance-seeks-to-bridge-generational-adoption-gap\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# BNY Mellon\u2019s crypto entrance seeks to bridge generational adoption gap &#8221; While the naysayers continue to wish for the so-called \u201cBitcoin bubble\u201d to burst, the premium cryptocurrency continues to scale to new heights, seemingly with each passing day. For example, within the same week of Tesla announcing its foray into the crypto market, Bitcoin&#8230;<\/p>\n","protected":false},"author":1,"featured_media":178825,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvOThiNjFiZGUtMjIzNy00NTA0LThlNmUtMDIzNTQ3ZDU4Yzk1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,93248,74355,71939,117],"class_list":["post-178824","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bny-mellon","tag-adoption","tag-banks","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/178824","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=178824"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/178824\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/178825"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=178824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=178824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=178824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}