Hunter Horsley, co-founder and CEO of Bitwise, a $4 billion crypto fund manager, believes that banks will accelerate the participation of many investors in the cryptocurrency market. Horsley predicted that in 12 months, the stance of many crypto adopters will change, declaring that banks will be regarded as “the best thing that ever happened to crypto.”
Bitwise CEO Makes Startling Statement on the Symbiosis Between Banks and Cryptocurrency
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Bitwise CEO: Banks Will Be Considered ‘the Best Thing That Ever Happened to Crypto’
While cryptocurrency people have considered the banking system the enemy due to its financial intermediation functions, Bitwise CEO Hunter Horsley believes these two will become complementary. At the When Shift Happens podcast, Horsley predicted that this adversarial worldview between crypto and banks would shift into a symbiosis, with banks entering the crypto investment business arena.
He declared:
I think in 12 months most people in crypto will realize that the banks are the best thing that ever happened to crypto.
Horsley states that banks have custody of the wealth of millions of people and manage their financial investments. If banks’ financial advisors can introduce bitcoin to potential investors, this might open possibilities for those not comfortable using apps or other channels to enter the crypto market.
In this regard, Horsley stated that some banks allow their wealth managers to advise customers about cryptocurrency. However, he expects a massification of this in the next months, opening a $30 trillion market for cryptocurrency.
Bitwise’s CEO believes that this move will cause a change of heart because of the banks’ role in opening more people to crypto access. He stressed 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” to crypto adoption, providing intermediation and custody services to individuals and groups.
Horsley remarked that banks have been separated from crypto due to different constraints, including the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin No. 121 (SAB 121) considerations. However, he concluded that they will overcome these limitations and become a helping hand for people investing in the space during the next 12 months.
What do you think about Bitwise CEO Hunter Horsley’s take on the future role of banks regarding crypto? Tell us in the comment section below.
