As the cryptocurrency world churns, it’s easy to speculate that digital assets could outpace, outperform, and oust the dollar in importance. But one leader from a legacy bank isn’t worried that the new currency will do any of that for the foreseeable future.
“I don’t think the dollar is going to go anywhere,” Bank of NY Mellon CEO Robin Vince told Yahoo Finance executive editor Brian Sozzi on the Opening Bid podcast. BNY (BK) is the country’s oldest bank, founded by the first US Treasury Secretary, Alexander Hamilton.
Vince has plenty of wisdom and insight about currency, courtesy of his long career in the financial services industry. Prior to taking over BNY’s CEO role in 2022, he spent nearly three decades at Goldman Sachs — rising from a trader to chief risk officer.
Equally impressive is the rise that cryptocurrencies, or digital assets, have enjoyed over the past decade. Crypto evangelists sing its praises for being a decentralized form of currency and free from the government’s ability to set its worth or control its flow.
In the political arena, former president Donald Trump has been more enthusiastic about crypto, even expressing aspirations to become a “crypto president.”
Former GOP presidential candidate Vivek Ramaswamy told Sozzi in a recent interview that Bitcoin could partially drive Fed policy. He added that Trump would be a friend to the crypto faithful if he retakes the White House.
Crypto now has a market cap of $2 trillion, with bitcoin, its darling currency, making up $1.4 trillion.
[Source: Yahoo Finance]
