Report Finds Digital Assets are Too Large to Ignore
Bank of America today launched its digital asset research with the publication of a report entitled “Digital Assets Primer: Only the first inning,” led by Alkesh Shah, head of Global Cryptocurrency and Digital Asset Strategy.
Digital assets represent a $2 trillion+ market value with 200 million+ users, and have the potential to transform every industry by improving efficiency and reducing friction across transactions. Hundreds of companies are forming within this new ecosystem, creating a new asset class.
The primer provides an investment framework for the digital asset landscape, looking through a variety of lenses: tokens that act like operating systems; applications powered by smart contracts; stablecoins pegged to fiat currencies; central bank digital currencies that could replace money; and non-fungible tokens that connect creators and fans in a different way.
“Bitcoin is important,” said Shah, “but the digital asset ecosystem is so much more. Our research aims to explore the implications across industries including finance, technology, supply chains, social media and gaming.”
“Digital assets are transforming the way in which markets, businesses and central banks operate,” said Candace Browning, head of BofA Global Research. “Bank of America offers a market-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.”
About Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, approximately 17,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 32 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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