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Bank of America is not rushing to embrace cryptocurrencies, but not so much because it doesn’t see interest, but because regulation prevents it from doing so.
- The second largest U.S. bank is not rushing to enter the crypto space.
- “ We are not missing anything”. said BoFA’s CEO, when asked about crypto.
- Mientras, otros bancos de Wall Street avanzan para ofrecer la nueva clase de activos.
The second largest bank in the United States,Bank of America ( BofA) will not rush into the digital currencies sector, even as other banking giants are taking steps in this space.
In an interview for Yahoo Finance! the CEO ofBank of America, Brian T. Moynihan, disclosed that the institution has no plans to start offering Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. in the near future. During the annual meeting of the World Economic Forum in Davos, the news outlet asked the bank’s director about the outlook for the new asset class and whether the company felt it was missing out on a major breakthrough by not entering the sector.
“ No “he replied emphatically Moynihan, who expressed confidence around BoFa’s more traditional business.” We’re not missing anything, we’re driving payments through the roof. “, Aggregate.
The regulation does not allow it
While the director disclosed that BofA has ” hundreds of patents “to use Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. as a tool for processing digital payments, is not yet ready for the adoption of digital assets based on such technology. He explained that the bank is heavily regulated regulation is when something is controlled by a specific set of rules. and that prevents it from developing a strategy focused on cryptocurrencies.
We can do business research and analysis [on digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies] by doing research, but we don’t engage in people’s cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. accounts and, frankly, we’re not allowed to.
Moynihan, quien ha estado dirigiendo el banco por los últimos 12 años, agregó que considera que es más fructífero para BofA continuar enfocándose en lo que hace: ser un banco y fomentar el bienestar financiero de sus clientes.
“ The most important thing is to help American consumers lead successful financial lives. “he stressed and continued:
Our life plans, our financial planning tool (four or five million users) only started three years ago. That’s what you should be doing, getting people to learn how to make their money work harder to help them in their lives.
As for the economic outlook, the CEO did not express concern about a possible economic recession in the United States, mainly because the economy has grown since 2019 and the economic growth projection is now higher, he argued. He also noted that BofA analysts forecast a slowdown in the now high inflation a general increase in prices and fall in the purchasing value of money. in the country, with estimates of a 2.5% rate for this year and a gradual drop to 1.56% by 2023.
BoFA and cryptocurrencies
The comments slightly distanced themselves from a recent report in which the bank’s strategists noted that the U.S. economy could enter a recession. Published at the beginning of April, the note by the chief investment strategist of Bank of America, Michael Hartnett, said that, in that possible scenario, cryptocurrencies could eventually outperform bonds and stocks.
BofA strategists have shared several encouraging reports on the new asset class’ place within the broader financial and economic context. Although the cryptocurrency market an area or arena, online or offline, in which commercial dealings are conducted. has remained bearish over the past few months, with Bitcoin retreating more than 50% from its price peak last year, the bank has been optimistic.
In a note in which they addressed the recent implosion of the Earth argued that the collapse of UST possibly did not put at risk the to the rest of the cryptocurrency market. Instead, they pointed out that the downtrend could be a response to a number of broader macroeconomic factors, such as inflation, Fed rate hikes and fears of a recession.
Despite generating reports and analysis on the cryptocurrency market, BoFA is one of the major U.S. banks that has yet to dive into the cytospace. Many banking giants in Wall Street , incluyendo Goldman Sachs y Morgan Stanley, have already taken steps in this sector, inaugurating services and offering their customers exposure to Bitcoin and other cryptoassets.
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- Goldman Sachs grants a first loan backed by Bitcoin
Article by Hannah Estefania Perez / DiarioBitcoin
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