Friday, January 21, 2022
Home Crypto News Market According To Bank Of America Recent Research Report Crypto Is Much More...

According To Bank Of America Recent Research Report Crypto Is Much More Than Just Bitcoin, And Cryptocurrency Market Is “Too Large To Ignore”

- Advertisement -

Bank of America Corporation (BoA), has published a research report that offers a bullish outlook on the long-term outlook of cryptocurrencies.



Bank of America published Digital Assets Primer, Only the first inning,” by Alkesh Shah (Director of Global Strategy for Cryptocurrencies & Digital Assets), which offers an in-depth analysis of current trends in the blockchain industry, from cryptocurrencies to deFi, NFTs.

According to the report, the market capitalization of cryptocurrency is $2.15 trillion and is “too large to ignore,”, the digital asset ecosystem has expanded to “much more than Bitcoin.”

 

Bank of America points out that the DeFi ecosystem received nearly $17 billion from institutional investors during the first half of 2021. This is in contrast with the $5.5 in 2020. Mergers and acquisitions within the crypto space increased by $940 million between 2020 and $4.2 billion in 2021.

Alkesh Shah stated in an official PR that cryptocurrencies are more important than just Bitcoin.

Bitcoin is important, but the digital asset ecosystem is so much more. Our research aims to explore the implications across industries including finance, technology, supply chains, social media, and gaming.”

 

Blockchain technologies could also change the way we interact and communicate with the world, according to the team.

“Shortly, 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,”

According to the report, the sector is described as “tokens that act like operating systems, decentralized applications (DApps) without middlemen, stable coins pegged to fiat currencies, central bank digital currencies (CBDCs) to replace national currencies, and non-fungible tokens (NFTs) enabling connections between creators and fans,” adding:

“For us, digital assets are not about payments per se. They’re about a new computing paradigm – a programmable computer that is accessible everywhere and to anyone and owned by millions of people globally.”





BofA also noted the rise in the adoption of crypto. The report estimated that 221 million people worldwide had used a cryptocurrency app or traded in cryptocurrencies in June 2021 as compared to 66 million in May 2020.

Bank of America noted that everyone was surprised by the rise of NFTs. Researchers expressed concern that NFT pieces with high valuations, such as fractional artworks and NFTs from the crypto game Loot could create a bubble, affecting many investors who don’t know the risks.

- Advertisement -
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Ammara authored more than 1,000 stories for TheCryptoBasic, CryptoComes and other fintech media outlets. She is particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

CoinMarketCap Finally Verified The Floki Inu Market Cap

CoinMarketCap (CMC), the world's number 1 crypto asset tracking website, has verified the Floki Inu (FLOKI) market capitalization. ...

Polkadex Joins Second Round of Parachain Auctions with Community Crowdloan

Tortola, British Virgin Islands,, 21st January, 2022,  — Polkadex Inc., the DeFi order-book exchange built on Substrate, has announced its parachain bid, aiming to...

Former VK.com CEO Andrew Rogozov Joins TON Foundation as Founding Member to Oversee Product Efforts at Successor of Telegram’s Blockchain Project

Abu Dhabi, UAE, 21st January, 2022, ChainwireAfter years of building, The Open Network (TON) is excited to announce an exclusive addition to its team:...

FTX Exchange Launches FTX Visa Cards That Will Enable Users To Spend Their Balances At Merchants Worldwide

FTX launches debit cards in collaboration with Visa. window.coinzilla_display = window.coinzilla_display || ; var...

Has The Time Come For Shiba Inu To Get Listed On Robinhood, As The Exchange Launch Public Beta Crypto Wallets

Online broker Robinhood has launched a cryptocurrency wallet beta program for 1,000 selected clients on a waiting list. ...

Ethereum Co-Founder Vitalik Buterin Comes Up With His Guess About Satoshi Nakamoto

During a conversation with UpOnlyTV, Vitalik Buterin, founder of Ethereum, spoke about the current challenges of his project and its use cases.

Top 5 Leading Crypto Firms

The blockchain sector is still in its infancy, but it is expanding rapidly. Blockchains are decentralized databases that are shared across computer network nodes...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.