Financial institutions are showing growing curiosity in cryptocurrency. This sparks a potential new surge in crypto prices.
More precisely, prominent find managers like Fidelity and BlackRock have submitted their applications for Bitcoin EFTs, which is a significant change in the point of view on digital assets from the traditional finance sector.
Another thing that contributes to this change is the CNBC interview with BlackRock’s CEO, Larry Fink. According to him, global crypto products can surpass all challenges that the decreasing dollar imposes!
The Institutional Interest in Crypto Assets is Rapidly Increasing
On a recent episode of the Crypto Mile, Michael Roberts was a guest. He’s leading the main operations at Copper and was discussing the growing institutional attraction toward crypto and other similar digital assets.
Roberts highlighted the growth in momentum that occurred after the FTX exchange’s collapse in November 2022. He also mentioned that the crypto industry faced the first positive month for institutional interest in June.
According to Roberts, many recent developments are becoming part of significant financial institutions. He claims that major fund managers of spot Bitcoin EFT applications, like BlackRock and Fidelity, contribute to the higher validation of investment banks. But this also strengthens the fact that cryptocurrencies are becoming a promising asset class.
Besides this, Roberts points out that large companies within the investment landscape also have a considerable influence. More precisely, when industry giants like BlackRock express their pleasure, investment banks start considering Bitcoin and other currencies as legitimate options.
Tokenization of Real-World Assets
Regarding the changing perception of Bitcoin, Roberts stated that it seems like Bitcoin is fulfilling its commitments. More precisely, the coin acts as a safeguarding mechanism with high value. He additionally said that people must have a sense of maturity when it comes to the crypto market, as this is one rapidly changing industry.
Roberts continued the interview by talking about the intriguing innovations in the realm of cryptocurrencies. He especially emphasized the tokenization of real-world assets and its relevance to traditional financial markets.
He says that the true potential of this domain lies in the many advancements it incorporates, particularly the digital representation of tangible assets like bonds and stocks.
However, cryptocurrencies are making their mark in various industries beyond finance. Their decentralized nature and underlying blockchain technology have sparked interest in sectors like supply chain management, where tamper-proof record-keeping can enhance accountability. But they also started to enter the healthcare industry. This sector now explores how crypto projects can improve patient data security and streamline medical record management.
On top of this, such crypto innovations and projects have also become part of our every day hobbies, such as online casinos and online shopping. In fact, the UK has one of the fastest-growing crypto industries. Therefore, there is almost no UK online casino with slots in 2023 that doesn’t accept crypto payments. You will encounter the same thing even if you want to shop online. There is rarely an eCommerce website that doesn’t enable purchases with cryptocurrencies.
Copper’s Offerings and Unique Selling Propositions
Somewhere before the end of the interview with Yahoo Finance, Roberts mentioned Copper’s offerings. He explained that their range of products allows institutional clients to become part of the crypto world without worrying about security issues.
Roberts also talked about Copper’s value propositions. They include providing exchange solutions that combine collaterals within the UK trust framework. According to him, this approach ensures that investors can enter the crypto sector confidently. On top of that, he perceives digital assets as bearer instruments that won’t be misunderstood, like FTXs.
Then, he put a little bit of focus on the Asian market, which he claims has great potential. He revealed that public blockchains in Asia capture a lot of interest. Although he finds this surprising, he is astonished by the fact that digital assets managed to gain that much attention in a short amount of time. Roberts ended the interview by mentioning that the upcoming bullish run in the crypto market may originate from Asia.
Right now, the crypto market has faced some severe issues in the last few days, as Bitcoin and Ethereum faced liquidations of $1 billion. So, it looks like we just need to leave time to tell whether Roberts’ claims will somehow enhance the industry.