Crypto enthusiasts believe that there will come a point where cryptocurrency will replace traditional currencies and become a widely accepted form of payment. But Robin Vince, CEO of Bank of New York Mellon (BNY), America’s oldest bank, doesn’t see that happening.
In a recent appearance on Yahoo Finance’s Opening Bid podcast, Vince recognized the increasing popularity of digital importance but said that crypto won’t dethrone the U.S. dollar anytime soon.
“I don’t think the dollar is going to go anywhere,” Vince said.
According to Vince, there is a potential to put blockchain technology, the basis of the majority of digital assets, to use in the financial sector, but crypto overall has its limitations. This mainly concerns the lack of regulations as well as the volatility that is often associated with these assets.
“Whether or not an individual wants to put all their money in a particular coin is a slightly different thing,” he explained.
Vince also added that the emergence of cryptocurrency and other digital assets is an opportunity for his bank and the entire financial sector to evolve and be more innovative.
“The way we treat and make the dollar work efficiently and effectively in the world’s financial system is going to evolve,” he shared.