InstaForex

October 5, 2021

Not Only Bitcoin, The Second Largest US Bank Is ‘Bullish’ With Ethereum, DeFi, NFT, DApps

 The second largest bank in the United States, Bank of America (BofA) is optimistic about the direction of the crypto industry and did not hesitate to label it "bullish" for the entire ecosystem.


In a recent Digital Asset Primary report released by Bank of America Global Research also supported the growth of blockchain, several popular cryptocurrencies, decentralized applications (dApps), decentralized finance (DeFi), stablecoins, and non-fungible tokens (NFT).


The report also details how the sector is hard to beat due to its incredible growth and puts hope with the development of Bitcoin (BTC):


“We believe that crypto -based digital assets can form the latest asset class as a whole. Bitcoin is very important with a market value of around $ 900 billion, but the digital asset ecosystem is more than that. ”



Similarly, the impossible blockchain will be the mainstay of technology development in the future.


At that time blockchain may be used to unlock cell phone screens; buy stocks, houses; make a loan, or save money; or maybe pay for gas or pizza. Singapore and Malaysia themselves are actually using blockchain technology for COVID19 digital vaccination certificates.


Bank of America did not fail to emphasize the importance of the existence of platforms that support smart contracts, such as Ethereum because the presence of this functionality is capable of creating dApps and DeFi capabilities.


The organization also labels the NFT and DeFi sectors as "the most innovation" in the crypto sector today. While the development of the NFT market is considered a shock to humans at this time.


These positive mixed statements indirectly dispel the negative perception of BofA which was previously skeptical of the development of Bitcoin which it considered “slow” and “impractical”.