Bank of America is not planning to make any immediate forays into the cryptocurrency and blockchain sectors, the bank confirmed recently.
Speaking to Yahoo Finance Live at the World Economic Forum, the bank’s chief executive, Brian T Moynihan said that the institution has no immediate plans to make a more aggressive switch to digital currencies.
Admittedly, excitement has been cooled down by the most recent market crash which saw TerraUSD wipe $60bn off the crypto market in just a few days, and even though it has returned, markets remain subdued.
Crypto guru Vitalik Buterin, the co-founder of the Ethereum blockchain, said that he was no longer a billionaire because of the downturn in crypto markets.
A major digital transformation involving cryptocurrencies will have to wait as far as Bank of America is concerned. Moynihan argued that protecting consumers would be the bank’s number one priority moving forward. “Our big thing is helping consumers in America have a successful financial life”, he said.
People should learn how to make their money work for them and that’s what the Bank of America would be looking to double down on in the foreseeable future. Moynihan’s comments are particularly sobering at a time when enthusiasm for crypto had been mounting but recent events have made many investors either lose their appetite for investing in crypto or reconsider it.
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