July 9, 2021

Crypto Issues: Bank Of America Makes U-Turn?

 Just a few months ago Bank of America launched a critique of Bitcoin for its high ‘volatility’ and impractical nature. Most recently, Bank of America reportedly set up a new research team to examine digital assets.

Citing an internal memo, the US multinational investment bank giant has reversed the steps taken earlier by preparing to plunge into the crypto market. Based on the report, Bank of America has set up a special team to examine crypto.

Although not much information was present so far, the memo clearly expressed support by saying, “crypto and digital assets are one of the fastest growing technology ecosystems. We are in a unique position and have many resources, therefore we are ready to be part of the industry leaders ".

A spokesman from the bank confirmed the spread report but failed to provide more details about the project.

A handful of market players consider this to be a cliché, just a few months ago, a paper published by this bank stated that Bitcoin is unstable and impractical. In addition, the paper asserts that such key cryptocurrencies have failed as a store of value.

However, the merger of these giant banks is a positive sentiment in the crypto community. With this it can be seen that financial institutions are also increasingly paying attention to crypto.