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The head of research at Galaxy Digital, Alex Thorn, stated that banks are hindering the adoption of Bitcoin and other cryptocurrencies in an effort to buy time for the development of their own solutions.
According to him, major financial institutions, including JPMorgan and Morgan Stanley, are operating in two ways. On one hand, they are creating their own products—from custodial services to blockchain-based payment infrastructure. On the other hand, they are influencing the regulatory environment through lobbying mechanisms, which restrain the growth of cryptocurrencies.
“This is a strategy that goes unnoticed by many participants: banks are slowing down innovation and gaining time to integrate their own products before new technologies start to disrupt their business models,” Thorn remarked.
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He assessed that the current market situation remains contradictory. Even though Bitcoin is holding around $70,000, investor sentiment remains cautious. The analyst attributed this to a “complacency effect” that arises after a period of growth.
He also pointed out the differences in the behavior of market participants. Retail investors, he noted, often express disappointment, while corporate investors continue to gradually increase their market presence.
Discussing future prospects, Thorn highlighted technological factors as a key driver for the next phase of growth. In his view, significant momentum for the crypto market could come from the development of autonomous systems based on artificial intelligence.
Such systems are already utilizing stablecoins for transactions, while Bitcoin is seen as a savings tool. According to Thorn, for algorithms, choosing an asset that is non-confiscable and independent of sovereign institutions is a rational decision.
Earlier, BNY Mellon CEO Robin Vince stated that banks and large financial firms could accelerate the widespread adoption of cryptocurrencies by acting as a bridge between digital assets and the traditional financial system.
