The crypto industry is already under the scrutiny of one of the largest international banks, BofA, as evidenced by yesterday's report, which it published.
In this 140-page report, Bank of America points out at the outset that the cryptocurrency universe is already really large and cannot be ignored because it has a market value of $2Tn+ and 200M users.
BofA is also aware of the importance of the cryptocurrency Bitcoin, which has the highest market value, but according to the bank, the ecosystem of digital assets is much more interesting, especially because of DApps, Stablecoins, CBDC or NFT.
In the document, Bank of America named the above-mentioned NFT and Decentralized applications (DApps) as the biggest innovations. According to the bank, the biggest advantage of the DeFi ecosystem is the use of financial products and services without the need for traditional financial institutions.
As for NFTs, according to the American bank, they are changing the way artists connect their fans and also how they get compensation for their works. BofA adds that NFT sales reached more than $3 billion in August, a respectable increase from the 250M recorded in 2020.
Finally, we would like to quote a statement from BofA on the issue of regulation and how this may affect the future of investment in this sector.
Regulatory uncertainty is the largest near-term risk in our view, but regulation may drive increased investor participation over the long term once the “rules of the road” for digital assets are established. stated BoFA
Bank of America ranks 8th in the list of the 100 largest banks in the world with total assets of $2,820 trillion and more than 200,000 employees worldwide.