- Bank of America has shared a cryptocurrency report entitled “Digital Assets Primer”
- The report also covered topics like CBDC, NFTs, and stablecoins
- Following the research the bank believes that the cryptocurrency market has emerged a lot that it cannot be ignored
Bank of America has been found debuting with a report stating that cryptocurrencies are too large to be ignored. Recently, Bitcoin.com shared a report that the bank has noted that cryptos are building a whole ecosystem of new firms, new opportunities, and new applications. According to BoA, the crypto industry is growing, the industry is getting mainstream, not just Bitcoins. Hence, ultimately, the scenario shows that the cryptosphere has become too large to be ignored now.
Bank of America established its crypto research unit
On Monday, BoA announced the launch of its cryptocurrency research unit. Notably, the launch was announced with the publication of a report titled “Digital Assets Primer”. In the first inning the bank wrote that the reports found that virtual currencies are too large to ignore. Moreover, the announcement explained that the premier provides an investment framework for the crypto landscape.
– Advertisement –
Smart contracts applications, stablecoins, central bank digital currency (CBDC), and Non-Fungible Tokens (NFTs) are some topics covered in the report.
Bitcoin is important but the industry is more
BoA’s research team was established back in July led by Alkesh Shah, the bank’s Global Cryptocurrency and Digital Asset Strategy. Shah observed that Bitcoin is truly essential for the world, but he noted that the entire industry is much more significant. The report’s end result aimed to explore the implications across the industry including finance, technology, supply chains, social media, and gaming.
According to Candace Browning, the head of Bank of America Global Research, cryptos are transforming the way in which markets, businesses, and central banks operate. Indeed, Bank of America offers a market leading global payments platform and blockchain expertise. Additionally, the integration of the research unit has further strengthened the depth and breadth of its services.
Crypto is growing and it is mainstream
In a recent interview with Bloomberg TV, Browning explained that the launch was due to growing institutional interest and massive appetite among retail clients. Notably, if we observe the count of corporations mentioning crypto on their earnings calls. The call has gone from about 17 to 147 since last year. Browning also highlighted that the space is growing, and is mainstream. Ultimately, the cryptosphere is creating a whole ecosystem of new firms, new opportunities, and new applications.