Bank of America’s Global Research has started covering cryptocurrency, debuting with a report stating that “digital assets are too big to be ignored.” Noting that digital assets are “creating a whole ecosystem of new businesses, new opportunities, and new applications,” the bank said, “This is growing, and this is mainstream, not just Bitcoin.”
Bank of America launches crypto research for the first time
Bank of America on Monday announced the launch of “Digital Asset Research” with the publication of a report titled “Prime for Digital Assets: Only the First Half.” Bank wrote:
The report finds that digital assets are too big to be ignored.
The announcement states that “the introductory guide provides an investment framework for the digital asset landscape.” Topics covered include smart contract applications, stablecoins, central bank digital currencies (CBDCs), and non-fungible tokens (NFTs).
Bank of America’s cryptocurrency research team was formed in July. It is led by Kish Shah, Head of Global Bank for Cryptocurrency and Digital Asset Strategy. Shah said:
Bitcoin is important but the digital asset ecosystem is much more than that. Our research aims to explore implications across industries including finance, technology, supply chains, social media, and gaming.
Candice Browning, President, Bank of America Global Research commented: “Digital assets are changing the way markets, businesses, and central banks operate. Bank of America offers a market-leading global payments platform and blockchain technology expertise, and the addition of digital asset research enhances the depth and breadth of our offerings to investors. “.
In an interview with Bloomberg TV, Browning explained that the launch was due to “increasing institutional interest” and huge appetite among retail customers.
“If you look at the number of companies that mentioned crypto in their earnings calls, that number went from about 17 last year to about 147 in the last quarter,” she explained, adding:
This is growing, this is mainstream, and it’s not just Bitcoin… This is a digital asset and it’s creating a whole ecosystem of new businesses, new opportunities, new applications.
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