Bitcoin and cryptocurrencies are too big to ignore

Big Bank of America released its first research report on Bitcoin and cryptocurrency but missed the bigger picture.

Bank of America started Global Research Covering the coin Bitcoin and cryptocurrency earlier this week by publishing a report titled “A primer on digital assets: Round 1 only“.

The research group, led by the strategist, Alkesh Shah, in complexities New asset class “However, much of the analysis carried a myopic perspective on Bitcoin.

Strategists including Alkesh Shah and Jessica Reif Ehrlich wrote that Bitcoin Cryptocurrencies are too big to ignore.

Our view is that there could be more opportunities than skeptics expect.

The report shows that enthusiasm for bitcoin Cryptocurrencies are gaining traction on Wall Street despite the many controversies surrounding them, Bloomberg reported.

Bank of America Asset Class Discussions

Bank of America also discussed the role that regulation should play in the asset class, arguing that “more regulation could be positive for cryptocurrencies in the long run,” according to Bloomberg.

“Once the rules are in place, the uncertainty about how to invest in cryptocurrency will be gone.”

As is usual for mainstream analysts and economists, the Bank of America fails to recognize the line between Bitcoin and “cryptography” with muddled assumptions and a certain lack of understanding.

strategic mistakes BofA In the plot when they think “cryptocurrencies” have an actual value proposition when in reality, not all other “altcoins” need a token or blockchain in the first place.

But perhaps most importantly, the bank failed BofA In the realization that while “cryptocurrency” allegedly seeks to “improve” the already existing financial system, Bitcoin It is here to make it obsolete.

Regulation is, to some extent, irrelevant when it comes to in bitcoin.

The peer-to-peer network aims to replace the entire system, including the Bank of America, so it makes sense for them to go more for what doesn't threaten their business model.