According to Thomas Cowan, head of tokenization at Galaxy, Bitcoin price fluctuations no longer affect institutional interest in crypto technologies (such as tokenization), indicating that the sector can now develop independently.
Cowan stated in an interview with Cointelegraph at The Bridge conference in New York City on Wednesday that in recent months, "interest in tokenization has decoupled from Bitcoin prices."
"In previous cycles, as Bitcoin and other altcoins rose, people would pay attention to tokenization, and all major traditional financial institutions would form their own crypto and tokenization teams; but when prices plummeted, these teams would significantly downsize," he said.
Tokenization refers to mapping assets such as oil or bonds onto the blockchain in digital form, which has seen significant growth over the past year. The Trump administration's easing of regulations on cryptocurrencies has sparked strong interest from large traditional financial companies.
Bitcoin has experienced multiple ups and downs this year, briefly surpassing $126,000 in early October, but then dropping nearly 20%, currently around $102,000.
Cowan expressed his hope that the industry can "truly prove to institutions" next year that tokenization "is a better, faster, and cheaper way for them to transfer and store financial assets."
"For these large organizations that think in decades, we must ensure we clearly demonstrate the tangible benefits this technology brings, allowing them to say: 'We believe this is a lasting, long-term development trend, and it is inevitable,'" he said.
Cowan noted that after the U.S. passed relevant laws regulating stablecoins this year, stablecoins quickly gained popularity, representing a "rapidly developing" crypto application scenario.
He added that money market funds investing in assets like government bonds have also "really entered the market" and are gaining increasing attention from institutions.
"When people move capital onto the chain, they want to earn the risk-free rate they give up when holding stablecoins," Cowan said. "Moving from stablecoins to money market funds is a very logical next step."
Cowan also mentioned that the industry is approaching a point where this technology can indeed demonstrate its transformative value to previously hesitant mainstream financial companies.
"Now is the time to invest," he said. "Because they will witness all of this happening in the coming years."
Related: It is reported that Japanese stablecoin issuers are expected to fill the gap in central bank bond purchases.
Original: “Galaxy Executive: Demand for Tokenization is No Longer Linked to Bitcoin (BTC)”
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