In a recent research note, Bank of America, one of the leading banking institutions in the US by assets under management, recently compared Bitcoin to the printing press and the Ford Model T in terms of their disruptive potential.
When it comes to the 21st century, Bitcoin is believed to be on par with such technologies as social media, the iPhone, and, of course, artificial intelligence (AI).
Even though Bitcoin naturally has faced a lot of hostility from the banking sector, Bank of America was somehow bullish on the cryptocurrency all the way back in 2013. Back then, the bank's client note stated that the cryptocurrency had a lot of "growth potential."
Back in January, Bank of America CEO Brian Moynihan said that he would separate stablecoins from the rest of cryptocurrencies. He also predicted that the banking sector would make moves into crypto "from a transactional side."
Last March, the Wall Street Journal (WSJ) reported that Bank of America was exploring launching a stablecoin in tandem with other US banking institutions in order to counter growing competition from cryptocurrency-native firm.
In February, the bank revealed that it had some minor exposure to Bitcoin-based exchange-traded funds (ETFs).
It should be noted that Bank of America already has hundreds of patents focused on blockchain technology.
Vladislav Sopov
U.Today Editorial Team