Bank of America creates a cryptocurrency team

What brings joy to the cryptosphere is that the second biggest bank in the US is cryptocurrency-friendly! Candace Browning, Head of BofA Global Research, describes cryptocurrency as “one of the fastest growing emerging technology ecosystems.”

A cryptocurrency research team

Bank of America’s opinion can’t go unnoticed. It is the second biggest bank in the United States. But the most important takeaway is that in addition to being cryptocurrency-friendly, the bank has formed a special team to conduct research on digital assets.

Bloomberg released a report on Thursday, 8th July 2021 that Alkesh Shash, a member of the BofA’s data and innovation strategy group, will be leading a team dedicated to the study of digital assets. His team includes, among others, Mamta Jain and Andrew Moss. Alkesh Shash’s group will report the results of their research to Michael Maras.

The Bank of America says it is ready to support the development of cryptocurrencies if necessary. “We are uniquely positioned to provide thought leadership due to our strong industry research analysis, market leading platform and blockchain expertise.”

Most, but not all!

Not all Bank of America analysts are in favor of cryptocurrencies though. Some openly criticize Bitcoin (BTC) and other digital assets due to their high volatility.

For example, during his testimony before the US Senate Banking Committee in May, Brian Moynihan, the CEO of the bank, said, “We are not against cryptocurrencies, but we do not give loans to companies whose main activity is cryptocurrency or […] investment in cryptocurrency”.

But since this testimony, the bank has come a long way. For instance, it had joined the Paxos Settlement Service, which allows its clients to use blockchain technology to settle stock transactions.

Perhaps a day will come when Bank of America will give more credit to cryptocurrencies. It’s certain that the way to this ideal will be a bumpy ride, as the light at the end of the tunnel still seems very far away. Nevertheless, with a cryptocurrency research team established, the first step has been taken.

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DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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