Bank of America’s global research has begun covering crypto, debuting with a report that “digital resources are too big to ignore.” Noting that digital assets are “creating a whole ecosystem of new companies, new opportunities and new applications,” the bank said, “it’s growing, it’s mainstream, and it’s not just bitcoin.”
Bank of America begins crypto research
Bank of America on Monday announced the launch of its “Digital Asset Research” with the release of a report titled “Digital Asset Primer: Only First Inning”. The bank wrote:
The report found that digital resources are too large to be ignored.
The announcement explains that “Primer Digital Assets provides an investment framework for the landscape.” Topics included include smart contract applications, stable currencies, central bank digital currencies (CBDCs), and non-fungible tokens (NFTs).
Bank of America’s crypto research team was formed in July. It is led by Alkesh Shah, the bank’s head of global cryptocurrency and digital asset strategy. Shah says:
Bitcoin is important but the digital resource ecosystem is much more. The goal of our research is to explore impacts across all industries, including finance, technology, supply chain, social media and gaming.
Candice Browning, head of Bank of America Global Research, comments: “Digital assets are changing the market, business and the way central banks operate. Bank of America provides a market-leading global payment platform and blockchain expertise, and the addition of digital asset research further strengthens the depth and breadth of our offerings to investors.
In an interview with Bloomberg TV, Browning explained that the launch was accompanied by “growing institutional interest” and widespread appetite among retail clients.
“If you look at the number of corporates mentioning crypto in their revenue calls, which went up from about 17 to 147 in the most recent quarter last year,” he added in detail:
It’s growing, it’s mainstream, and it’s not just Bitcoin … it’s a digital asset and it’s creating a whole ecosystem of new companies, new opportunities and new applications.
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