In 2021, the growth in Bitcoin and crypto money markets led banks to research this area.
Leading Wall Street banks have formed several research teams focused on understanding the cryptocurrency market.
Giant banks like JP Morgan and Goldman Sachs have taken this a step further and set up cryptocurrency trading desks.
Although the fluctuations in Bitcoin and altcoins and the concerns in the global markets make the investors nervous, the interest in this field continues to increase.
Bank of America announced that its digital asset research team has started its activities in a report published today.
The following points in the report of Bank of America, one of the leading banks in America, drew attention:
“Digital assets are too big to ignore.
Digital assets represent a market capitalization of over $2 trillion with over 200 million users and have the potential to transform any industry by increasing productivity. Within this new ecosystem, hundreds of companies are taking shape and creating a new asset class.
Alkesh Shah, head of BofA Global Cryptocurrency and Digital Asset Strategy: “Bitcoin is important, but the digital asset ecosystem is so much more. Our research aims to explore influences across industries, including finance, technology, supply chains, social media and gaming.”
Candace Browning, head of BofA Global Research, said: “Digital assets are changing the way markets, businesses and central banks operate. Bank of America offers a market-leading global payments platform and blockchain expertise, and the addition of digital asset research further strengthens the depth and breadth of our offerings for investors.”