Coinbase Top Executive Says Institutional Crypto Adoption Is ‘Moving Very Fast’, Bitcoin ETF Is Inevitable
A senior executive from the top US crypto exchange Coinbase says that institutional use of digital assets is moving faster than most people realize.
In a new interview with SALT Talks, John D’Agostino, a senior advisor at Coinbase, says he understands how while it may not seem like it, by conventional standards, institutional crypto adoption is actually moving fast.
– These things just take time. Institutional inertia is a very real thing. I had a hedge fund where one of the guys who worked for me picked up his monitor and threw it through a window because the colors of his OMS, his order management system, changed. Only his colors. These are creatures of habit. There are many switching costs associated with adding new assets.
So for me, for someone who spent 15 years trying to get raw materials into the mainstream, it’s actually going fast. But I understand why some people in the heat of the moment feel it’s freezing cold. But for institutions, I think it goes very, very quickly.”
D’Agostino says U.S. regulators have slowed the growth of the crypto market, but he expects more favorable regulations in the future, including the approval of Bitcoin (BTC) exchange-traded funds (ETFs).
“I think the regulators have been complacent to the point of hurting America’s positioning with respect to the growth of this technology. I’m sympathetic to their point of view. I’m sympathetic to the idea that they feel they have to protect retail investors from volatile assets.
I think that is going to change. Despite the delay, an ETF is inevitable. I can’t tell you when it’s going to happen. But I know it’s going to happen at some point.”
With the US Securities and Exchange Commission (SEC) having already rejected several ETFs, pressure is mounting for an eventual approval.
Crypto asset manager Grayscale recently took legal action against the SEC’s rejection of the firm’s ETF application.
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