Bank of America‘s Chief Operating Officer (COO), bitcoin(BTC) is now open to the idea that it could be a store of value assets.
Market Insider, at a conference hosted by crypto tracking firm Chainalysis last Thursday Tom MontagHe said that he does not see crypto assets as a threat to the banking industry.
“I definitely don’t see it as a competition. I just consider it a different entity class and people love it for all sorts of different reasons.”
The COO also said that he doesn’t fully understand the concept of stablecoins and wonders if each is really backed by a “dollar”. But now potentially as a store of value (asset class) BTCHe added that he is open to .
Last month, Bank of America released a report in which it described what it saw as a new potential explosion from the blockchain and digital asset space. The finance giant also noted that the emerging industry is only in the early stages of a 30-year mainstream adoption process.
“It is difficult to predict how innovative/transformative blockchain technology, digital assets and thousands of decentralized applications that have yet to be created could potentially be/grow.
We expect rapid changes in the current market structure, new use cases will be discovered and others will be forgotten.”