Crypto Won’t Dethrone the Dollar: BNY Mellon CEO
Many people believe that as the cryptocurrency market grows, digital assets will someday be worth more than the US dollar. But, Robin Vince, the CEO of Bank of New York Mellon, the oldest bank in the country, says that’s not likely to happen.
Robin Vince’s Stance on the Dollar’s Dominance
Vince stated his belief in the long-term stability of the US dollar in a recent Opening Bid podcast interview with Brian Sozzi of Yahoo Finance. Vince emphasized the dollar’s enduring significance in international finance by saying,
“I don’t think the dollar is going anywhere.”
BNY Mellon, founded by Alexander Hamilton, the first U.S. Treasury Secretary, holds a special place in the history of American banking. Vince, who became CEO in 2022, brings decades of expertise, having progressed from a trader to chief risk officer at Goldman Sachs before joining BNY Mellon.
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Crypto’s Rise and Political Connections
The value of cryptocurrencies, especially Bitcoin, has increased dramatically; currently, it has a $2 trillion market capitalization. Notably, politicians like Donald Trump have shown support for digital assets and even stated that, should he win reelection, he would like to be known as the “crypto president.”
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The first Bitcoin and Ethereum ETFs were approved by the U.S. Securities and Exchange Commission (SEC) in 2024, indicating an increase in institutional interest. Even if cryptocurrency is volatile, Bitcoin has increased by almost 30% this year, solidifying its position in contemporary finance.
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FAQs
Robin Vince does not see cryptocurrencies overtaking the US dollar anytime soon and thinks it will continue to be the leading currency.
At present, the market capitalization of Bitcoin is $1.4 trillion.
Both former Republican presidential candidate Vivek Ramaswamy and former President Donald Trump have expressed support for cryptocurrencies, with Ramaswamy speculating that Bitcoin may have an impact on Federal Reserve policy.
Read more: Can Bitcoin Become a Mainstream Financial Tool?
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