Bank of America Global Research Says Digital Assets and Blockchain Technology Are Rather Bullish

2021.10.05

A new report from Bank of America Global Research says that the bank giant is bullish on digital assets and blockchain technology. The report features cryptocurrencies, DeF, dApps, NFTs, stablecoins, and many more. Bank of America has sent mixed messages on crypto.  For example, it has criticized Bitcoin as slow and impeding. The latest report discusses the blockchain industry with raves referring to Ethereum, NFT, and DeFi. We read a lot in the cryptocurrency news today. A recent report from Bank of America Global Research says digital assets and blockchain technology are rather bullish. Bank of America provides further cryptocurrency news including information on ETH, NFTs, and DeFi. The bank’s new report indicated it is bullish on digital assets and blockchain technology. Bank of America has sometimes given mixed messages such as criticizing Bitcoin as slow and impractical in their research note.

 

 

Crypto Based Digital Assets Could Form an Totally New Asset Class:

The report says that it believes that crypto based digital assets could form an entirely new asset class. Bitcoin is a major financial asset, with a market value of $900billion.  However, the digital asset ecosystem provides many other resources. Bank of America’s report demonstrates a potential array of services and functionality. There is a catchall term written by intelligent contracts for the kind of peer-to-peer financial services that don’t require intermediaries likeIn the near future, you may use blockchain technology to unlock your phone, buy a stock, house, or fraction of a Ferrari, and receiveBank of America cited significant figures during the first half of 2021 alone, compared to five billion dollars worth of debt. 5 billion is the total amount for entire 2020. However, the tone has been changed by the bank in recent years, with the bank saying that the cryptocurrency market has grown too big to be ignored. Bank of America Global Research names blockchain technology the most exciting new market in years. The financial institution says that the company is bullish on Bitcoin and Blockchain technology but also on Ethereum and the latest innovations on the network. The bank of America claimed more to watch in the cryptocurrency space than Bitcoin despite the leading cryptocurrency currently having a market cap of over $900. The bank highlighted the potential of programmable blockchains such as Ethereum, Solana and Cardano. Some of the best blockchains in the ecosystem have been made by their smart contract features. The emerging industry is quite excited by the new digital asset primer.  They have been calling Blockchain an exciting new market for years. The report immediately noted that the digital asset sector is too big to be ignored and that a lot more is to be considered than Bitcoin. We believe that a whole new asset class can be formed by crypto-based digital assets. Bitcoin has a market value of around $900 billion, however, an abundance of other digital assets are held by the ecosystem. There is a bright spot at the moment regarding the potential of Ethereum to support advanced services and features. Blockchain technology could unlock your phone in the near futureYou could purchase a share, a house, or part of a Ferrari. Strong comments about everything from popular cryptocurrency to decentralized apps, the burgeoning decentralized finance space, NFTs, and stablecoin. From the start, the report stated that the digital asset sector is too big to ignore and that more is to watch out for beyond Bitcoin. Crypto based digital assets could form an entirely new asset class. It is important for a digital asset to have a market value of $900 billion but a digital asset ecosystem is so important. I am bullish on Ethereum now because of the potential for smart contract platforms like Ethereum to power the array of services and functionality. In the near future, you may use blockchain technology to unlock your phone.

 

 

Bank of America Considered The Sky-High Asking Prices Of NFTs As A Primary Concern:

A bank could gloss over potential roadblocks posed by the crypto industry if the industry continued to grow. The bank is confident that phones, goods and services will be used by blockchain technology. However, the sky-high asking prices of NFTs are considered by Bank of America as a primary concern. I am confused regarding the popularity of derivative projects which are basically text lists that can be used as the basis for game projects. This segment presents high risk that must be fully understood.  NFT can be achieved by our adolescents. The recently observed market resurgence at the largest NFT market, openSea, recorded approximately $3 billion in trading volume every month in SeptemberHowever, it is suggested that the sky high asking prices of NFTs are a main point of concern.