- Bank of America (BofA) began researching its digital assets by publishing a report entitled “Digital Asset Primer: Only the First Inning”.
- Bitcoins and cryptocurrencies are “too big to ignore,” wrote BofA strategists. “Our view is that skeptics may have more opportunities than expected.”
- However, in the temptation of Altcoin innovation, BofA strategists may lose focus on what is going to disrupt money and money. – Bitcoin.
Bank of America Global Research launched coverage of bitcoin and cryptocurrency earlier this week in a report titled “Digital Asset Primer: Only the First Inning”. The research group, led by strategist Alkesh Shah, fell into the “new asset class” complexity, however, much of the analysis carries a far-sighted view of Bitcoin.
Bitcoin and cryptocurrencies are “too big to ignore,” wrote strategists including Alkesh Shah and Jessica Rife Ehrlich. “Our view is that skeptics may have more opportunities than expected.”
The report shows that the enthusiasm for Bitcoin and cryptocurrency is “gaining traction on Wall Street despite much controversy.” Bloomberg Report
BofA discusses the role of regulation in asset classes, arguing that “more regulation could be positive for crypto in the long run.” Bloomberg. “Once the rules are in place, the uncertainty about how to invest in crypto will go away.”
For mainstream analysts and economists in general, Bank of America has failed to acknowledge the dividing line between Bitcoin and “crypto” with a definite lack of assumption and understanding. BofA strategists miss the plot when they think “Crypto” has a real value proposition – When in reality, all other “altcoins” do not require a token or a blockchain in the first place.
But perhaps most importantly, BofA fails to understand that while the so-called “crypto” is trying to “improve” the already established financial system, Bitcoin has come here to make it all obsolete. In the case of BTC, regulation is irrelevant to a certain extent. The goal of the peer-to-peer network is to relocate the entire system, including Bank of America. – So it makes sense for them to pay more attention to issues that do not threaten their business model.