Bank of America says Bitcoin, other cryptocurrency 'too big to ignore'

Bank of America glances at Bitcoin and other crypto, says that they are now 'too big to ignore' with new rules on the way.

@anthony256
Published Fri, Oct 8 2021 11:55 PM CDT

Bank of America is running right into the warm arms of Bitcoin and other cryptocurrencies, with the BofA launching a new digital asset research with a new report called "Digital Assets Primer: Only the first inning".

Bank of America says Bitcoin, other cryptocurrency 'too big to ignore' 01 | TweakTown.com

The strategists at Bank of America said that Bitcoin and other cryptocurrencies are simply "too large to ignore" and that their view is "there could be more opportunity than skeptics expect". The research group was led by strategist Alkesh Shah, who said that Bitcoin and other cryptos are "too large to ignore".

Strategists Alkesh Shah and Jessica Reif Ehrlich said: "Our view is that there could be more opportunity than skeptics expect". The report added that Bitcoin and other cryptocurrencies are "gaining traction on Wall Street despite its many controversies". On top of that, the strategists said that regulation plays a key role and that "more regulation could be a positive for crypto in the long run. Once rules are established, the uncertainty over how to invest in crypto will be lifted".

It sounds very simplified, with all other cryptos lumped into 'other cryptos' while Bitcoin stands on its own. Bitcoin would make banks, traditional money, and credit all a thing of the past over the years and decades. But Bank of America did note that the peer-to-peer nature of Bitcoin and crypto would disrupt the entire financial system... so I guess we'll have to wait and see how much longer that takes (it's not far away).

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Anthony joined the TweakTown team in 2010 and has since reviewed 100s of graphics cards. Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering.

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