The cryptocurrency market has experienced massive growth over the past few years, and financial players are now bullish about cryptocurrencies
The Bank of America has published a new report covering the latest innovations in the cryptocurrency and blockchain ecosystem. The bank is bullish on the Ethereum network and the latest innovations, including non-fungible tokens (NFTs) and decentralised finance (DeFi).
Traditional financial institutions were very critical of Bitcoin and the broader cryptocurrency market during the early years. At the time, the Bank of America described Bitcoin as a slow and impractical financial asset.
However, the tone has changed in recent years, with the bank stating that the cryptocurrency market has grown too big to be ignored. Bank of America Global Research’s new Digital Asset Primer called blockchain technology the most exciting new market in years.
The financial institution said it is not only bullish on Bitcoin and blockchain technology but also on Ethereum and the latest innovations on the network. The Bank of America stated that there is more to watch in the cryptocurrency space than Bitcoin despite the leading cryptocurrency currently having a market cap of over $900 billion.
The bank highlighted the potential of programmable blockchains like Ethereum, Solana and Cardano. Their smart contract features have made them some of the best blockchains in the ecosystem. The Bank of America said these blockchains are critical for the use of decentralised applications (dApps), DeFi and NFTs.
According to the bank, blockchain technology will continue to grow, and in a few years, it could likely gain adoption globally in various regions. The report said the bank is confident blockchain technology will be used to unlock phones, buy stocks, purchase a house or a car, loan or save money and even pay for daily goods and services.
The cryptocurrency market has grown into a $2 trillion industry over the past decade. Bitcoin and numerous altcoins have experienced massive growth over the past year, and this has convinced numerous financial institutions to enter the crypto market.