Rare enough to be highlighted: Bank of America exposes bullish outlook for DeFi and NFTs. “Crypto is a trend that has barely started, money is the simplest application and it all started with the Bitcoin (BTC)”Said Bank of America.
Digital assets: “too important to ignore”
The Bank Of America Corporation (BoA) released a report presenting long-term bullish outlook for cryptocurrencies.
It is noted that digital assets “Create a whole ecosystem of new businesses, new opportunities and new applications”, the bank said: “It’s increasing, it’s mainstream, and it’s not just bitcoin”. The original version is interesting, because we can easily see Candace Browning’s great passion for cryptos: “This is growing, this is mainstream, and it’s not just bitcoin.”
The report also highlights l’aspect innovation within the decentralized finance (DeFi) and non-fungible tokens (NFT) sectors.
The study highlights that the market capitalization of 2,15 billions de dollars of the cryptocurrency sector is “Too important to be ignored”, noting that the digital asset ecosystem has evolved to encompass “much more” than the Bitcoin ( BTC)
The report finally characterizes the crypto sector by making an inventory of everything you can find there, or almost: “Utility tokens, decentralized applications (DApps), stablecoins linked to fiat currencies, central bank digital currencies (MNBC) to replace national currencies and non-fungible tokens (NFT) allowing links between creators and fans ”
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Candace Browning : cryptofriend ou businessman ?
The quotes are signed by Candace Browning, responsable de Bank of America Global Research, he said in particular:
“Digital assets are transforming the way markets, businesses and central banks operate. Bank of America offers a leading global payments platform and blockchain expertise, and the addition of digital asset research further strengthens the depth and breadth of our offerings for investors. “
Candace Browning, responsable de Bank of America Global Research
In an interview with Bloomberg TV, Browning further explained that the report was due to “Growing institutional interest” and the growing curiosity of customers for cryptos.
“If you look at the number of companies mentioning crypto ins their results calls, it went from around 17 last year to 147 during the last quarter “
The report also highlighted the recent increase in crypto adoption rates, estimating that 221 million users worldwide had traded cryptocurrency or used a blockchain application in June 2021, up from 66 million in May 2020.
“Applications built on this new software architecture seem to grow faster than previous technologies. […] Anyone in a network can establish a process (application or project) that provides consistency and trust ”
When it comes to NFTs, the BoA says the industry’s meteoric growth has even surprised veteran crypto users, noting that the market OpenSea generated more than $ 2.5 billion in the first half of 2021.
However, for completeness, the report doesn’t just point to the benefits of cryptos. He also cautions against the volatility associated with the nascent NFT industry, stating that “the increased risks in this segment […] must be fully understood before NFTs can be truly adopted ”. Axie Infinity (AXS) is a very good example. NFT Play-to-Earn also offers a decentralized exchange, the NFT gaming adventure continues!
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