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.

(Bloomberg) — Hedge-fund billionaire Ken Griffin criticized the amount of time and energy spent on cryptocurrencies, saying it’s “a jihadist call” that some people don’t believe in the dollar.

Read: President Nayib Bukele Shares First Results Of El Salvador Mining Bitcoin With Volcanoes

Still, while he’s not a fan of the resources allocated to the digital assets, he said his firm would trade cryptocurrencies if they were properly regulated and he praised Securities and Exchange Commission Chair Gary Gensler for paying greater scrutiny to cryptocurrencies.

Read: Federal Reserve Chairman, Jerome Powell Said Fed Has No Intention To Ban Bitcoin Or Crypto

“I wish all this passion and energy that went into crypto was directed toward making the United States stronger,” Griffin, 52, said Monday in a conversation with Bloomberg’s Erik Schatzker at the Economic Club of Chicago. “What a crazy concept this is that we as a country embrace so many bright, young, talented people to come up with a replacement for our reserve currency.”

Griffin, the founder of hedge fund Citadel and market-maker Citadel Securities, has long been a crypto skeptic. In 2018, he questioned the value of cryptocurrencies, lamenting how younger investors have been attracted to the digital coins rather than stocks of companies that drive economic growth.

The billionaire touched on a range of issues, including increased tensions between the U.S. and China, the threat of runaway inflation and the controversial trading practice known as payment for order flow that has come under increased scrutiny from regulators and lawmakers.

Read: Chainalysis Report: Europe Becomes World’s Largest Crypto Economy

Griffin said he would be “fine” if that system disappeared tomorrow, “so long as we leave the standard that execution quality is how orders should be allocated among market-makers.”

Read: Texas Senator, Ted Cruz Strongly Opposes Biden’s Anti-Crypto Pick, Saule Omarova

Other highlights:

• He has no current plans to seek political office and said that it’s time for the nation to “move on” from Donald Trump
• His $38 billion hedge fund now has more employees in New York than its home town of Chicago and Citadel is now hiring in Miami, where it’s in the process of acquiring office space
• People who are still in the early part of their careers are making a “grave mistake” by not going back to the office, Griffin said
• “To see inflation running this hot is really unsettling,” he said, noting that Federal Reserve Chair Jay Powell is doing the best he can
• Citadel’s Wellington hedge fund rose 18.5% this year through September, beating the S&P 500’s total return of 16%, according to a person familiar with the matter. The fund was helped by a 7.8% gain last month, which was reported earlier by Business Insider