Do you remember how I promised I would cover that 140 page Bank of America report about cryptocurrency?
Well, I’m here to deliver on that promise. This is the longest video I’ve done so far, and I’m definitely keen to get your feedback in the comments section 😅
The BoA report covers all bases and then some. By the sound of it, this is going to be the first of many the BoA will be putting out. They have plans to make in depth reports about Ethereum and other large cap cryptocurrencies, and I’ll cover those when they come around.
Hopefully the BoA’s upcoming crypto reports will be a bit better structured, because this one was quite a messy read. It jumps around between Bitcoin, Ethereum, regulation, stablecoins, CBDCs, etc. It also addresses a boatload of FAQs, some of which are super interesting.
One of the biggest takeaways for me was the confirmation that institutions are the ones guiding the crypto market. Institutions make up the majority of trading volume and assets held on Coinbase, and this is consistent with similar findings from Chainanalysis.
Besides Bitcoin and Ethereum, stablecoins seem to be top of mind for institutional investors, primarily because of the yield they can generate when used in DeFi protocols. The report also spends quite a bit of time talking about CBDCs, and for good reason.
As I mentioned in my recent video about CBDCs, their introduction could put many private banks out of business, and the BoA seems to be acutely aware of this.
This leaves banks with other choice but to side with crypto, and maybe this report a step closer to doing just that.
Enjoy, and please, give me feedback on the length! 😉
⛓️ 🔗 Useful Links 🔗 ⛓️
► Full Bank Of America Cryptocurrency Report: https://newsroom.bankofamerica.com/co…
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.