Bank of America: Cryptocurrencies are “too large to ignore”

A recent report has been released by Bank of America saying that Bitcoin is an important crypto asset, and as for the crypto industry, it is too large to ignore. The report analyzed the present state of cryptocurrencies and the perspectives that are built around them, and the context of the report is that the crypto market is that large and popular with the people can’t be ignored anymore. The motive of this report is not clear, whether the Bank of America wants to go with crypto adoption in the future or is it just a simple report depicting the facts as they are within the fiat and crypto market.

The report itself is known as digital assets primer and was led by the head of the global cryptocurrency and digital asset strategy, Mr. Alkesh Shah. Other aspects of the crypto market, such as non-fungible tokens and decentralized finance, were also brought into perspective and grabbed a prominent section of this report. The report dates back to the time when the crypto market was still young and evolving, and not many people or businesses around the world were aware of any such phenomena. But now, both the crypto industry and decentralized finance have grown to such a massive altitude where it has become too large to ignore.

Growth of DeFi Industry

According to another research, about 221 million users around the world have used cryptocurrencies in their lives or use a decentralized finance service, and the numbers keep on growing at a steady pace. Institutional investors have also taken a shine to the cryptocurrencies and want to make the most out of it both in terms of profit and growing their assets as time rolls. This recent report published by Bank of America only signals into one direction that is the bank is finally going bullish about the crypto space and vibrantly too.

It is possible that Bitcoin might become an important aspect which the bank deals with and provides access to their elite customers. People all over the globe will be able to use cryptocurrencies in the near future, according to the report, but most importantly, the use of blockchain technology will become mainstream, and people will be using it for all kinds of stuff. This new report is a pioneer when it comes to crypto growth and its adoption in the future.

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