Crypto Industry too Large over Bitcoin , Says Bank Of America

According to Bank Of America, Bitcoin is important but the crypto industry is more important because the crypto industry is too large over Bitcoin.

A report of Bank America shows how much faster the crypto industry is increasing amid huge restrictions and regulations and volatility of the crypto market. Bank America clearly indicated that crypto can no longer ignore and also adoption could give better opportunities. 

Read also: Bank Of America says To adopt Bitcoin as legal currency by El Salvador was right decision

A report has been released by the Bank of America to explain the situation of crypto market and its ecosystem growth & adoption over the last year. 

“Digital Assets Primer” is covered by Alkesh Shah in the beginning of this report. Alkesh is head of Global Cryptocurrency and Digital Asset Strategy. Alkesh tried to provide deep analysis report over crypto. 

Research of the BOA claimed that around 221 million people exchange their crypto assets in the Defi platforms. While this number was very small in 2020. Here it should not be seen as a sudden increase because increasing volume of the users was steady.

Report also says that Defi sector locked around $17million funds, while this amount was $5.5 in 2020. So this growth and demand is more than three fold. 

If we see over the acquisition and merger of the crypto firms then it raised from $940 million in 2020 to $4.2 billion in 2021. These data records show clearly how big firms are trying to understand and willing to go with this crypto industry.

In the press release, Alkesh Shah, asserted that the crypto industry is more important than Bitcoin. Alkesh added 

“Bitcoin is important, but the digital asset ecosystem is so much more. Our research aims to explore the implications across industries including finance, technology, supply chains, social media and gaming.”

According to Alkesh, Investigation team also found that future will rely on the blockchain technology

“In the near future, you may use blockchain technology to unlock your phone; buy a stock, house or fraction of a Ferrari; receive a dividend; borrow, loan or save money; or even pay for gas or pizza,”

Read also: Brazil moves closer to implement Bitcoin’s legal framework