Bank of America has published a report on the crypto industry

The document contains a detailed analysis of the current state of the blockchain industry, cryptocurrencies, DeFi and NFT

05.10.2021 - 14:10

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What's new? Bank of America (BofA) has published a research report on the current and prospective state of the cryptocurrency industry. The report was the bank's first publication on such a topic since the creation of the Digital Assets Research Group.

Bank of America Press Release

What does the report say? The bank noted that the cryptocurrency sphere is drawing more and more attention:

“Digital assets representing a $2 trillion+ market value with 200 million+ users worldwide is too large to ignore“.

The regulator stated that at this time the cryptocurrency ecosystem is less connected with bitcoin. Now there are tokens that act like operating systems, decentralized applications (GApps), stablecoins, central bank digital currencies (CBDC) and non-interchangeable tokens (NFT).

What are the results? Venture investments in cryptocurrencies increased by almost 210% — from $5,5 billion in 2020 to $17 billion in the first half of 2021. As for decentralized applications, Bank of America said that 1,7 billion people in the world can access financial services using their smartphones.

“We expect that alternative coins/tokens will allow users to create new applications, and private companies supported by venture capital will enter public markets.”

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