Institutional Interest in Bitcoin Increased Amid Global Banking Crisis; Says Bittrex CEO

The CEO of Bittrex Global, Oliver Linch recently disclosed that institutional interest in Bitcoin has arrived. Linch added that he is anticipating more adoption, stating that leading financial institutions like Goldman Sachs will soon take on a larger role in crypto.

In an interview with Scott Melker, the head of the crypto exchange clarified that institutional adoption will not hurt cryptocurrency but rather aid the pace of innovation within the industry. 

While acknowledging that there may be some painful moments along the way especially as it relates to regulation, Linch however anticipates that many partnerships will be formed between traditional financial institutions and those in the crypto sector which will be good for the crypto industry. 

Speaking further, Linch also disclosed that during the bear market, many of the financial giants moved to establish crypto divisions within their companies, positioning themselves for the growth of the industry.

“Historically, those big players have been the biggest drivers of innovation. Are they a bit slow to adopt at the moment? Yeah, sure. But actually, the big change will happen when they stop fighting it and we stop fighting them. 

“And we start talking about partnering and working together. Show them a way that it can be done and it can make them money and I guarantee you they won’t stand in the way of that. They’ll be pedal to the metal to exploit that opportunity.” Linch said. 

Investors King earlier reported that bitcoin is up by 50% this year and it has outperformed major stock indexes and commodities despite the collapse of major crypto-related banks. 

A report made by Goldman Sachs shows bitcoin as the best-performing investment asset in the world since the beginning of 2023, outperforming gold, the S&P 500 and the Nasdaq 100. 

Bitcoin has so far enjoyed a remarkable year. From a low of $16,000, the flagship cryptocurrency is currently trading at $28,154. Data from Binance platform shows.