There has been a good amount of discussion regarding Mt Gox releasing (finally) Bitcoin held by the platform, along with reports that Germany is selling Bitcoin on the open market. The additional supply of Bitcoin has impacted the price of the world’s most popular digital asset.
While there has been a lot of navel gazing by insiders on this supply and demand reality, Anchorage Digital founder and CEO Nathan McCauley has another perspective on the Bitcoin market.
“As Mt. Gox redemptions are paid out, the real story is about more than short-term market impact; it is about just how far crypto has come in the last ten years. When Mt. Gox collapsed, crypto market structure was in the earliest stages of development. Now, a decade later, applying time-tested standards from traditional finance—like segregating custody and exchange functions—is the very foundation of institutional adoption.”
McCauley says that crypto today is not the same digital asset as ten years ago as there are now institutions participating in the market and the ecosystem has matured.
Crypto today is not the crypto of a decade ago—and retail users, institutional participants, and the ecosystem as a whole are stronger for it.”
As Anchorage is the only federally chartered digital asset bank in the US, It has a solid perspective on digital asset market activity.