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BNY Mellon Subsidiary Doubts Bitcoin as Payment Solution, Unlike Its Parent: Report
Despite its parent company's recent foray into the industry, the subsidiary is calling for caution on investing in assets like bitcoin.
Insight Investment, a global asset manager with $1 trillion in assets under its belt, said it fails to see the long-term merits of bitcoin as a method of payment, Bloomberg reported Wednesday.
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- The manager's head of currency solutions, Francesca Fornasari, said her firm was "skeptical" of the ability for bitcoin to take over a "means of payment."
- Insight is a subsidiary of the world's largest custodian bank, BNY Mellon, which safeguards over $41 trillion in assets. BNY announced its move into crypto in February.
- Despite its parent company's recent foray into the industry, the subsidiary is calling for caution on investing in assets like bitcoin.
- “There’s a whole number of different factors ... that are going to affect the value of your investment, that have nothing to do with inflation or inflation hedges,” said Fornasari.
- The currency solution head also said bitcoin was difficult to evaluate due to its volatility, which made it difficult to determine how the crypto would react in an inflationary environment, Bloomberg reported.
See also: BNY Mellon Would Be Service Provider for First Trust, SkyBridge’s Proposed Bitcoin ETF
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
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- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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