Digital Currency Filecoin
Bank of America has released a fascinating new report from its Global Research division that discusses digital assets and currency.
B of A’s October 4, 2021, says, “(W)e are bullish on the long-term prospects for the digital asset ecosystem as it enters the mainstream. We anticipate significant growth as digital asset use cases move…to an industry characterized by product innovation, regulatory clarity, increased institutional participation, and mainstream adoption.”
“It’s difficult to overstate how transformative blockchain technology, digital assets , and the thousands of decentralized apps that have yet to be created could potentially be.”
“Digital asset sector too large to ignore”
The B of A report says, “With a $2tn+ market value and 200mn+ users, the digital asset universe is too large to ignore. We believe [digital]-based digital assets could form an entirely new asset class. Bitcoin is important…but the digital asset ecosystem is so much more: tokens that act like operating systems, decentralized applications (DApps) without middlemen, stablecoins pegged to fiat currencies, and central bank digital currencies (CBDCs) to replace national currencies.”
The Global Research report continues: “(W)e believe the digital asset ecosystem is only getting started. There’s no way for us to fully cover the complexities of the quickly evolving blockchain-based ecosystem (yes, it’s more than just Bitcoin), but we are beginning the long journey of…what we believe to be the next generation of technology – blockchain-based digital assets and applications.”
“Holders getting younger; corporates want to keep up”
“Development and adoption of digital assets will likely be led by Gen Y, Millennials and Gen Z. These generations grew up with the internet and expect native internet transactions to be frictionless and digital – without multiple steps and middlemen. Digital asset growth is likely to continue as it enables people to simply and easily transfer value and make payments (PayPal, Venmo and Zelle). It is also real-time and eliminates the middleman (or at least makes the transaction less cumbersome if using a digital asset exchange like Coinbase).”
Bank of America’s Global Report also addresses the topic of digital assets and illicit activity.
“Q: Aren’t digital assets just for illicit activities?
A: No. Illicit activity using digital assets likely represented less than 1% of digital asset transactions last year, down from 2.1% in 2019. The transparency provided by blockchain actually provides a more efficient way to track transactions and discover bad actors.”
“While we acknowledge concerns about the speculative digital asset trading that takes place currently, we believe it’s the underlying blockchain technology driving this speculation that could be revolutionary,” the B of A report says.
“We are just getting started”
“I think the transformation we’re living through right now could be every bit as big as the internet in the 1990s” – Gary Gensler, SEC Chairman, September 1, 2021, on digital assets and fintech.
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Disclaimer: This blog is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.