Bank of America says crypto ecosystem is here to stay

A report from the Bank of America (BoA) says the investors are still interested in cryptocurrency, and blockchain technology and the crypto ecosystem is here to stay. 

The report, published on the 28th June was held by the bank’s Digital Assets and Web3 Conference day.

Despite the ongoing crypto winter, BoA’s report suggests that investors, particularly millennials, are maintaining their interest in crypto. The importance of a regulatory framework was also highlighted during the event, with a report by Watcher noting that big investors in the corporate and institutional sphere remain wary until there is established regulation in place.  

“Client engagement continues to grow and focus remains on the rapid development and disruptive nature of blockchain technology, despite falling token prices and headlines suggesting the ecosystem’s demise has arrived.” the report noted.

BoA also noted that it is easy to attract the first billion users to the crypto ecosystem, however the “next billion will likely require improved bridges between the fiat and crypto ecosystems and the creation of a crypto-native ecosystem, in which individuals are unaware of the applications that leverage blockchain technology.”

The report concludes that “blockchain technology and the crypto ecosystem are here with us forever”.

The CEO of Bank of America, Brian T. Moynihan, recently spoke with Yahoo Finance at the World Economic Forum, stating that they were “unable” to engage with cryptocurrencies until regulation is implemented. “We can’t do it,” the CEO noted,“by regulation, we’re not really allowed to engage”.

Until legislation is implemented, it may be that otherwise interested institutional investors remain sidelined, preparing for the return of a market, and for regulators to solidify regulation of the space.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.