“Digital Assets are the Future”: BTC Hits A$62,346 as an American Bank Is Set to Support Crypto in 2021

America’s oldest custodian bank, Bank of New York Mellon Corp —BNY Mellon— will soon provide crypto support for asset-management clients.

The bank will support not only Bitcoin but several cryptocurrencies as well. The move comes amid after large American corporations like Mastercard and Tesla have adopted cryptocurrencies as payment methods.

Only a matter of time until banks worldwide begin to support cryptocurrency transactions —as crypto-assets, inevitably, are starting to take a broader space in the media.

“Digital Assets are the Future”

BNY Mellon executive, Mike Demissie stated that “Digital assets are the future”, adding that a large inflow of investors and institutional clients are seeking digital assets exposure through the bank.

We’re experiencing heightened interest from current clients who are seeking exposure to digital assets. We are also seeing new demand from prospective clients, particularly digital-native companies in the digital asset space, who are looking for BNY Mellon’s core investment services.

Stated Mike Demissie for Forbes

However, as many in the crypto-community see these events as a historical moment for crypto-assets, there are several users that believe this contradicts the original concept of decentralized finance.

Lots of people jumped into crypto because they wanted to escape from “custodians”. I don’t want someone who can suddenly freeze my money. Redundant service. Banks are wasting electricity

Stated a crypto-user on Twitter

BTC Hits New All-Time High

According to charts from TradingView, Bitcoin has reached another price record of $48.316.82 —A$62,346— following the bank’s announcement. An increase of 5.30% in 24 hours.

Institutional adoption has become a key element for BTC’s bull run, and it could be only a matter of time until crypto-assets are embraced worldwide. Although, some users in the crypto-market will see this multiform, some arguing that banks will need to adjust to cryptocurrencies, and others stating that traditional institutions will try to tax and freeze their coins.