Share this article
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.
Updated Sep 14, 2021, 1:18 p.m. Published Jun 30, 2021, 5:21 a.m.
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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- 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
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
Top Stories
