The CEO of Bittrex Global, Oliver Linch, is predicting that the giants of traditional finance will aggressively adopt crypto to seize upon the opportunities the industry presents.
In a new interview with Scott Melker, the head of the leading crypto exchange says he is anticipating leading financial institutions like Goldman Sachs will soon take on a larger role in crypto.
Linch says he believes that institutional adoption won’t harm crypto but instead increase the pace of innovation.
“They’re going to come and they can try and beat us and they’re going to be more innovative. They’re going to be more aggressive. They’re going to be pushing the boundaries much harder with their weight. That makes the industry better. That makes the opportunities for individuals better. And yes, it’s going to be painful along the way, because war is painful. But it’s not crypto versus Goldman Sachs, or crypto versus institutions. It’s a race to who can do crypto better.”
Linch anticipates that many partnerships will form between traditional financial institutions and those in the crypto sector.
“Historically, those big players have been the biggest drivers of innovation. Are they kind of stuck in a bit of a rut at the moment? Are they a bit slow to adopt at the moment? Yeah, sure. But actually, the big change will happen when they stop fighting it and we stop fighting them. And we start talking about partnering and working together.”
He also notes that during the bear market, many of the financial giants moved to establish crypto divisions within their companies, positioning themselves for the growth of the industry.
“The big talking point of this bear market is institutional interest in crypto. Every big bank now has a substantive crypto desk, not just for trading, but for partnerships as well. It’s a nice story. Everyone likes a goodie and a baddie and likes a war against the big bad giants of Goldman Sachs. But actually, they’re not the big bad giant. They’re the people you need to recruit.
Show them a way that it can be done and it can make them money and I guarantee you they won’t stand in the way of that. They’ll be pedal to the metal to exploit that opportunity.”
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Source: https://dailyhodl.com/2023/03/21/bittrex-ceo-predicts-aggressive-institutional-adoption-of-crypto-as-big-players-exploit-opportunities/