Bank of America sees major potential for cryptos in metaverse
by: Dynasty GI2021-12-06
The strategist for Bank of America, Haim Israel, said that the metaverse is a massive opportunity for Blockchain technology that will take cryptocurrencies mainstream.
In an interview for the Insider, the bank’s managing director of research and global strategist stated the metaverse is where ‘we are going to start using cryptocurrencies as currencies’, although he doesn’t expect some of the current cryptos to thrive in the environment. Israel also stated that traditional payment companies will become more interested in cryptos once they are more widely used in the metaverse. The Bank of America chief strategist’s comments follow the recent prediction by global investment bank Morgan Stanley that the metaverse has become the next big investment theme, whilst Grayscale Investments published a report saying the metaverse has the potential to become a US$ 1 trillion business opportunity.
"It’s true that cryptos are likely to play a big role as the metaverse concept evolves and grows over the next few years, but I believe strongly that Blockchain technology products like cryptocurrencies also have a big role to play in the bricks and mortar world, as we are already seeing with tokens being accepted for day-to-day payments at shops or cinemas."
Commented Eduardo Carvalho, the founder and CEO of Dynasty Global Investments AG.