Bank of America: 'Bitcoin Can Become a Major Means of Payment'
In a 14-page document to its clients this morning, Bank of America currency strategist David Woo has made comments that may change how Wall Street views digicurrency bitcoin in the future. "We believe Bitcoin can become a major means of payment for e-commerce and may emerge as a serious competitor to traditional money transfer providers," writes Woo. "As a medium of exchange, Bitcoin has clear potential for growth, in our view." It's certainly interesting to see such a large financial institution in the United States take this position. It does, however, seem like typical Wall Street....
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A new Bank of America survey shows that out of more than 1,000 U.S. adults, 90% plan to buy crypto in the next six months. Moreover, nearly 40% of respondents revealed that they use cryptocurrency as a means of payment.
Bank of America’s Crypto Survey
Bank of America (BOA) analyst Jason Kupferberg shared his crypto outlook in an interview with CNBC Monday. He was asked about a recent Bank of America survey that showed sustained interest in cryptocurrencies.
The analyst explained that the survey was conducted early this month, which was after the collapse of....
Bank of America has become the latest major bank to make a foray into the cryptocurrency sector. According to an internal memo, the bank has created a team dedicated to researching cryptocurrencies. Bank of America believes that it is “uniquely positioned to provide thought leadership” on cryptocurrencies and the technology behind them. Bank of America (BOFA) has created a new team dedicated to researching cryptocurrencies, according to an internal memo seen by Bloomberg. A spokeswoman for the bank confirmed the contents of the memo. The new crypto team will be led by Alkesh....
Bank of America’s new report explains that “despite the sharp correction in crypto valuations, consumer interest in the sector remains strong.” The report, which includes the bank’s new crypto survey, also shows “growing interest” in cryptocurrency’s use as a means of payment. Bank of America’s Inaugural Crypto Survey Bank of America Global Research published a report Monday highlighting the results of its “inaugural crypto/digital asset survey,” which took place early this month. Out of 1,013 survey respondents who....
Bank of America has become the first US bank to talk openly about bitcoin, having issued a client note stating that the digital currency has "clear potential for growth". The news came in a 14-page note sent to clients by Bank of America currency strategist David Woo. He said he believes the maximum market cap of bitcoin is $15bn, or about 1,300 USD per 1 BTC. In the note, Woo pointed out that bitcoin makes sense as a medium of exchange and has the potential to become a major means of payment for e-commerce. It could even emerge as a serious competitor to traditional money transfer....
Bank of America CEO Brian Moynihan and JPMorgan & Chase CEO Jamie Dimon both agree that the U.S. economy is doing well and consumers are in good shape. “The consumers basically have more money in their accounts by multiples than they did pre-pandemic,” said the Bank of America chief. Bank of America’s CEO: US Economy Is in ‘Pretty Good Shape’ Bank of America CEO Brian Moynihan said at the Institute of International Finance (IIF) annual membership meeting in Washington, D.C., last week that the U.S. economy is in good shape despite inflation, jittery markets,....