For many, the institutional adoption of digital assets is not evolving as it should. But, a senior Coinbase executive recently said things are moving better than believed. Check out recent statements from the senior advisor at Coinbase on institutional adoption of crypto.
Institutions are adopting cryptocurrencies faster than we think
John D’Agostino is a senior executive at the Coinbase cryptocurrency exchange. The Senior Advisor was recently interviewed by SALT Talks. During the interview, John has declared that institutional adoption of cryptos is moving at a very significant speed. He indicated that this adoption “goes very, very fasteven if it doesn’t look like it. D’Agostino pointed out that he understands the majority of people who think institutional adoption of cryptos is slow. He added that “these things just take time“.
“Institutional inertia is a very real thing. I had a hedge fund where one of the guys working for me took his monitor and threw it through a window because the colors of his OMS, his order management system, changed. Just its colors. […] There are a lot of switching costs associated with adding new assets“, he explained.
John D’Agostino made it clear that a person like him, who has worked for 15 years to make raw materials common, will not have the same vision of things as another person “in the heat of the moment“. Indeed, it is normal that, for the latter, the institutional adoption of cryptos is stagnating.
Towards more favorable regulations for the crypto industry?
According to John D’Agostino, US regulators have held back the growth of the crypto sector. They would have beencomplacent to the point of harming the positioning of the United States with regard to the growth of this technology“. John suggested regulators have focused more on protecting retail investors from volatile assets.
But, the senior advisor at Coinbase thinks that will change, as there will soon be more favorable regulations. Among the latter is the endorsement of Bitcoin ETFs. For John D’Agostino, “despite the delay, an ETF is inevitable“.
John D’Agostino believes that the adoption of cryptos is happening very quickly at the level of American institutions. The senior adviser at Coinbase also thinks approval for a Bitcoin ETF is to be expected. He maintains that the Bitcoin ETF project will eventually pass, although he doesn’t know when that will happen. Yet in recent months, the SEC has rejected several ETFs.
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