Bank of America: Cryptocurrency is too large to ignore

Analysts at one of the largest American banks, Bank of America, urge not to ignore the ecosystem of digital assets, as it has already become too prominent in the sky of financial instruments.

According to a Bank of America report, “the digital asset universe is too large to ignore.”

“We believe crypto-based digital assets could form an entirely new asset class. Our view is that there could be more opportunity than skeptics expect.”

According to BofA analysts, decentralized assets are at an early stage of development, and in the future they will be massively distributed, contrary to the opinion of crypto skeptics.

“In the near future, you may use blockchain technology to unlock your phone; buy a stock, house or fraction of a Ferrari; receive a dividend; borrow, loan or save money; or even pay for gas or pizza.”

At the same time, BofA analysts noted the regulatory risks associated with cryptocurrencies and the high likelihood of tightening cryptocurrency regulation around the world.

Meanwhile, bitcoin managed to crush bearish resistance and break the $50,000 psychological mark. Bitcoin is growing since the beginning of the month. That prompted bitcoin enthusiasts to call the current October as Uptober (up + October). Following bitcoin, other cryptocurrencies also turned to growth. According to CoinMarketCap, the market value of all cryptocurrencies in circulation rose 3.6% to $2.2 trillion.

Via: 2Coinfox.info

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