Bank of America’s chief says Bank have no competition against Crypto

The Chief Operating Officer of Bank of America shared his stance on crypto and claimed there is no competition between Banks and Crypto. 

Blockchain analytics firm in New York hosted a conference on Thursday. In the conference, Tom Montag- Bank of America COO- shared his take on the crypto industry during an interview with Michael Gronager- Chainalysis. 

In the interview, Montag said the crypto industry reminds him of the early days of derivatives. Montag said that crypto assets are asset class trading tokens but stablecoins are different. Montag said that he still doesn’t know how Stabelcoins works. According to Montag, Stabelcoins is not pegged by the real US dollar. 

When Michael asked Montag, whether he admits that banks have competition because of crypto. Then Montag clearly said there is no competition. 

“I don’t view it as competition at all. I view it as just another asset class … and people like it for all sorts of different reasons”

By considering the reference of Goldman-Sach & JPMorgan stance on crypto as an assets class and having the interest to invest in it, Montag was questioned whether he thinks that Bitcoin is an asset class and what he thinks about investment. Then Montag replied 

“I came around to how this could have value as a global store of value. It’s hard to appreciate the importance of that as an American when you’re used to having a stable currency”

In the whole interview, Montag tried to criticize the crypto industry but on the other hand, he appreciated blockchain technology. 

On the CBDCs initiative of the Federal Reserve to evaluate the launching of the digital dollar, Montag said that “It will be inevitable, but it will be fine.” 

However, Montag’s statements are not all in favour of the crypto industry fully but in the recent month a report of Bank of America said that the “crypto industry is too large & can’t be ignored”. 

Read also: ANZ bank executive says crypto can’t be ignored because of ‘weight of money