Thursday, December 8, 2022
 

Henrik Andersson Says Institutions Might “Flip” on Crypto Stance

  • Henrik Andersson speaks about possible change in the conservative stance on crypto.
  • Numerous large banks in Australia, and worldwide have already entered the digital space.
  • Not investing in crypto will become a “career risk.”

Henrik Andersson, CIO of crypto asset manager Apollo Capital, believes that not investing in crypto will become a “career risk” and institutions will soon “flip” on their cautious stance toward crypto.

Andersson believes that although major institutional investors in Australia, particularly retirement funds, are yet to warm up to the digital asset space, there are many players who are waiting for the right moment to strike.

According to Andersson, “It’s still early days.” Family offices and other smaller boutique institutions in Australia are still learning about “the big industry super funds”. Therefore, Andersson believes that it will take some time before they adopt and indulge in the crypto space.

While explaining the possible “flip”, Andersson points out:

No one wants to be the first into something like this. Because if you’re the first one and things go wrong, then there’s a career risk. That will flip at some point to the opposite. At some point, when prices go up, then people don’t want to miss out. And if others are making investments, then it will become a career risk not to be invested.

Numerous large banks in Australia, including ANZ, NAB, and Commonwealth Bank (CBA), have already entered the digital asset space. And worldwide, despite the current bear market, financial behemoths like Fidelity, Singapore’s DBS Bank, Goldman Sachs, and Morgan Stanley are all honing their crypto competence.

JPMorgan last week hired former Microsoft executive Tahreem Kampton, to its digital assets-related payments group stressing its web3 intervention. DBS is entering the metaverse in partnership with Sandbox.

Furthermore, on Tuesday, several financial behemoths — including Fidelity Digital Assets, Citadel Securities, and Charles Schwab Corp.—  announced their plans to launch EDX Markets, a cryptocurrency exchange.

“So while it seems like its going very slowly now, you know, once the sentiment changes, we see the first players making investments that can change very, very quickly,” explained Andersson.

  • Henrik Andersson speaks about possible change in the conservative stance on crypto.
  • Numerous large banks in Australia, and worldwide have already entered the digital space.
  • Not investing in crypto will become a “career risk.”

Henrik Andersson, CIO of crypto asset manager Apollo Capital, believes that not investing in crypto will become a “career risk” and institutions will soon “flip” on their cautious stance toward crypto.

Andersson believes that although major institutional investors in Australia, particularly retirement funds, are yet to warm up to the digital asset space, there are many players who are waiting for the right moment to strike.

According to Andersson, “It’s still early days.” Family offices and other smaller boutique institutions in Australia are still learning about “the big industry super funds”. Therefore, Andersson believes that it will take some time before they adopt and indulge in the crypto space.

While explaining the possible “flip”, Andersson points out:

No one wants to be the first into something like this. Because if you’re the first one and things go wrong, then there’s a career risk. That will flip at some point to the opposite. At some point, when prices go up, then people don’t want to miss out. And if others are making investments, then it will become a career risk not to be invested.

Numerous large banks in Australia, including ANZ, NAB, and Commonwealth Bank (CBA), have already entered the digital asset space. And worldwide, despite the current bear market, financial behemoths like Fidelity, Singapore’s DBS Bank, Goldman Sachs, and Morgan Stanley are all honing their crypto competence.

JPMorgan last week hired former Microsoft executive Tahreem Kampton, to its digital assets-related payments group stressing its web3 intervention. DBS is entering the metaverse in partnership with Sandbox.

Furthermore, on Tuesday, several financial behemoths — including Fidelity Digital Assets, Citadel Securities, and Charles Schwab Corp.—  announced their plans to launch EDX Markets, a cryptocurrency exchange.

“So while it seems like its going very slowly now, you know, once the sentiment changes, we see the first players making investments that can change very, very quickly,” explained Andersson.

 

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