Institutional attitudes toward cryptocurrencies and digital assets are undergoing a significant transformation as traditional financial institutions move from skepticism toward adoption. Patrick McEntyre, Managing Director at the National Bank of Canada, speaks with Anastasia Kinsky at the Alpaca Partner Summit in Lisbon about the growing institutional demand for digital assets, the evolution of cryptocurrency investment products, and how banks are adapting their business models to accommodate changing investor expectations.
As the U.S. accelerates regulatory developments surrounding cryptocurrency and tokenized assets, Patrick McEntyre examines why Canada, once a pioneer in cryptocurrency exchange traded funds, is now facing challenges in maintaining its competitive position. He discusses Canada’s early leadership in Bitcoin, Ethereum, and Solana ETFs, the differences between Canadian and U.S. regulatory approaches, and how investor demand is driving financial institutions to modernize custody infrastructure, investment products, and digital asset services.
The conversation also explores the relationship between cryptocurrency, gold, and traditional commodities as investors seek diversification beyond technology stocks. McEntyre highlights the importance of Canada’s metals, mining, and energy sectors as potential hedges against market volatility and explains why tokenized money market funds are emerging as an early opportunity for blockchain adoption in traditional finance. Looking ahead, he discusses how tokenization could expand access to more complex investment strategies while raising important questions about liquidity, regulatory oversight, and investor protection.