Bank of America is bullish on Ethereum, NFT and DeFi, and not just Bitcoin, as the latest report raves about it and names the blockchain industry as the most exciting new market of the year. So let’s read more in our crypto news today.
A new report from Bank of America Global Research says the banking giant is fairly bullish on digital assets and blockchain technology, as the report mentions cryptocurrencies, NFTs, Dapps and DeFi. Bank of America is the second largest bank in the United States that has published mixed news about cryptocurrencies in the past, such as a slow and unrealistic bitcoin valuation in a research note. Currently, the global research branch of the banking giant sees the future of the rest of the crypto industry quite positively and describes itself as optimistic about the entire ecosystem.
Bank of America Global Research’s new digital asset primer, who have been calling blockchain an exciting new market for years, is pretty excited about the emerging industry, commenting on everything from popular cryptocurrencies to decentralized applications, the growing decentralized financial space, NFTs and stablecoins. The report immediately noted that the digital assets sector is too big to be ignored and that there is a lot more to be considered than Bitcoin. Read report:
“We believe that crypto-based digital assets can form a whole new asset class. Bitcoin is important with a market value of around $ 900 billion, but the digital asset ecosystem is so much more. “
Bank of America is currently bullish about Etheruem, underscoring the potential of Ethereum-like smart contract platforms to run services and features. The report continues:
“In the near future, you can use blockchain technology to unlock your phone. buy a share, house, or part of a Ferrari; Receive dividends; Borrow, lend or save money; or even pay for gas or pizza. “
Bank of America cited huge numbers like over $ 17 billion in venture investments in digital assets and blockchain companies in the first half of 2021 compared to $ 5.5 billion in 2020.
It cites the recent revival of the NFT Market, where the flagship OpenSea market was valued at around $ 3 billion in monthly trading volume in September and August. However, Bank of America considers the sky-high asking prices of NFTs to be a primary concern. The company seems confused about the popularity of derivative projects, which are essentially text lists that can be used as the basis for game projects. Company wrote:
“Simple images such as a black background with a few words of text raise our concerns that there are high risks in this segment that must be fully understood before NFT can achieve real acceptance.”
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