Bank of America Executive Sees Crypto as Asset Class: 'I Don't View It as Competition at All'

Bank of America Executive Sees Crypto as Asset Class: 'I Don't View It as Competition at All'

THELOGICALINDIAN - Bank of Americas arch operating administrator does not see cryptocurrency as antagonism Instead he angle it as an asset chic acquainted that bodies like it for all sorts of altered reasons

Bank of America’s COO on Crypto: ‘I Don’t View It as Competition at All’

Bank of America COO Tom Montag talked about cryptocurrency Thursday in an interview with Chainalysis CEO Michael Gronager at a appointment hosted by the blockchain analytics close in New York.

Montag is additionally admiral of Bank of America’s Global Banking and Markets and a affiliate of the company’s controlling administration team. He is amenable for all of the businesses that serve companies and institutional investors.

He said cryptocurrency reminded him of derivatives in their aboriginal days. He additionally accepted that he does not accept stablecoins. “I don’t accept that as able-bodied as anybody in the allowance … Is there absolutely a dollar abaft stablecoin?”

The Bank of America COO was additionally asked whether banks are aggressive with crypto. He replied:

The Coffer of America controlling is not the alone one seeing crypto as an asset class. Rival advance coffer Goldman Sachs said in May that bitcoin is an investable asset. JPMorgan said in July that a lot of its audience see crypto as an asset chic that they appetite to advance in.

Commenting on whether bitcoin is a abundance of value, Montag shared: “I came about to how this could accept amount as a all-around abundance of value. It’s adamantine to acknowledge the accent of that as an American back you’re acclimated to accepting a abiding currency.”

As for the Federal Reserve ablution its own axial coffer agenda bill (CBDC), he opined, “It will be inevitable, but it will be fine.” Federal Reserve Chairman Jerome Powell said in September, “We are alive proactively to appraise whether to affair a CBDC and, if so, in what form.”

Last month, Bank of America debuted its crypto research, acquainted that agenda assets are “too ample to ignore.” The bank’s committed crypto analysis aggregation was established in July.

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