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Bitwise CEO predicts banks to open $30T crypto market

Bitwise CEO predicts banks to open $30T crypto market

GrafaGrafa2024/10/16 00:00
By:Mahathir Bayena

Hunter Horsley, CEO and co-founder of Bitwise, a crypto fund manager overseeing $4 billion in assets, has shared his perspective on the evolving relationship between banks and cryptocurrency.

During the "When Shift Happens" podcast, Horsley expressed optimism about the future role of banks in the crypto sector, predicting a significant shift in perception within the next 12 months. 

According to him, banks will soon be seen as a key driver of cryptocurrency adoption.

Horsley stated, “I think in 12 months most people in crypto will realise that the banks are the best thing that ever happened to crypto.” 

He emphasised that the traditional view of banks as adversaries to the crypto sector is set to change, suggesting that banks and crypto will form a complementary relationship. 

Horsley believes that banks entering the crypto space will provide a bridge for investors who are not yet comfortable using apps or alternative digital platforms to invest in digital assets.

He highlighted the role of banks as custodians of wealth, managing the financial assets of millions. 

According to Horsley, if financial advisors at banks begin offering Bitcoin and other cryptocurrencies to clients, it could unlock new opportunities for hesitant investors. 

He mentioned that some banks are already enabling wealth managers to advise clients on cryptocurrency, and he expects this trend to accelerate, potentially opening a $30 trillion market for crypto assets.

Horsley argued that banks would act as a catalyst for broader crypto adoption by offering intermediation and custody services, noting, “These moves are going to make people feel really like wow we thought the banks were the enemy but actually banks are just a huge catalyst.” 

Despite past challenges, including regulatory constraints such as the SEC's Staff Accounting Bulletin No. 121, Horsley remains confident that banks will overcome these hurdles, positioning themselves as valuable allies in expanding the reach of digital currencies.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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