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".
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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