'I don't see it at all as a competition' -
'I don't see it at all as a competition' -
The Chief Operating Officer of the Bank of America does not see cryptocurrency as a competition. Instead, he sees it as an asset class and realizes that "people like it for all possible reasons".
COO of the Bank of America for crypto: "I don't see it as a competition"
Tom Montag, Coo of the Bank of America, spoke on Thursday in a Interview with Chainalysis CEO Michael Gronager at a conference of the blockchain analysis company in New York.
Monday is also President of Global Banking and Markets of the Bank of America and member of the company's management. He is responsible for all business that serves companies and institutional investors.
he said the cryptocurrency reminds him of derivatives in their early days. He also admitted that he did not understand stable coins. "I don't understand it as well as everyone in the room ... is there really a dollar behind StableCoin?"
The COO of the Bank of America was also asked whether banks compete with crypto. He replied:
I don't see that as a competition at all. I only consider it another asset class ... and people like it for a variety of reasons.
The board of the Bank of America is not the only one who sees crypto as an investment class. Competitive investment bank Goldman Sachs said in May that Bitcoin is an investable interest. jp Morgan said in July that many of his customers see crypto as an investment class in which they want to invest.
As a comment on whether Bitcoin is a value -plot, Montag said: "I found out how this could have a value as a global value reservation. It is difficult to see how important this is as an American if you are used to a stable currency."
In terms of the introduction of its own digital central bank currency (CBDC) through the Federal Reserve, he said: "It will be inevitable, but it will be okay." US Federal Not Bank Jerome Powell in September:" We are proact on it, too evaluate whether and in what form a CBDC should be issued. ”
Last month, the Bank of America debuted with its crypto research and found that digital assets " too big to ignore . " The committed crypto research team of the bank was founded in July.
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