Bitcoin is important and the crypto industry is too big to ignore it

Bitcoin is important and the crypto industry is too big to ignore it

The Bank of America has published its report "Digital Assets Primer: Only the First Inning" under the direction of Alkesh Shah, Head of Global Cryptocurrency and Digital Asset Strategy, which has a detailed analysis of the current state of the blockchain industry from cryptocurrencies to defi. offers and nfts.

The report states that the industry of cryptocurrencies and decentralized financial services has grown so far that it is "too great to ignore it".

Investigations have shown that almost 221 million users exchanged cryptocurrencies or used a defi service with constant growth. Likewise, the increased participation of institutional investors is a clear indication that cryptocurrencies are much more than a temporary phenomenon that is driven by retailers.

Bank of America is optimistic about the crypto room beyond Bitcoin

The Bank of America emphasizes that the Defi-Ekosystem in the first half of 2021 almost 17 billion 2020 to $ 4.2 billion in 2021.

in a (n Official PR , Alkesh Shah kept an agnostic attitude and claimed that cryptocurrencies are more than Bitcoin

"Bitcoin is important, but the digital asset ecosystem is so much more. Our research aims to examine the effects on various industries such as finance, technology, supply chains, social media and games."

The team also claims that the way we interact with the world could radically change with the advent of blockchain technologies:

"In the near future you can use blockchain technology to unlock your phone. Buy a share, a house or a fraction of a ferrari; get a dividend; borrowing, borrowing or saving money; or even paying petrol or pizza",

The Bank of America also emphasized that NFTS growth was a surprise for everyone. The researchers emphasized their fears that the high ratings of some NFT pieces such as fractionated works of art or the nfts from the crypto game loot could be a bladder that affects many investors that are affected Risks that you are exposed to do not know.

other times, different attitude

This attitude is in stark contrast to previous reports in which the Bank of America Bitcoin called volatile, impractical and as a value preservation.

first March 20201 , published the Bank of America a report in which it is assured that the increase from Bitcoin to $ 60,000 was essentially driven by speculation and not by the inherent advantages of the cryptocurrency:

"On the whole we find that Bitcoin was not particularly convincing as inflation protection, since raw materials and even stocks offer better correlation for inflation.
We believe that the most important portfolio argument for keeping Bitcoin is not diversification, falling volatility or protection against inflation, but a pure price increase, one factor that only depends on it that exclusively that The Bitcoin demand exceeds the offer based on the appointment. ”

But after the climb, the Bank of America entered the footsteps of other banks and A research group founded exclusively devotes itself to the coverage of the cryptocurrencies and the blockchain industry and gradually begins to change its treatment of these aspiring companies.

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