‘I Don’t View It as Competition at All’ – Featured Bitcoin News
Bank of America’s chief working officer doesn’t see cryptocurrency as competitors. Instead, he views it as an asset class, noting that “people like it for all sorts of different 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 convention hosted by the blockchain analytics agency in New York.
Montag can also be president of Bank of America’s Global Banking and Markets and a member of the corporate’s govt administration workforce. He is chargeable for all the companies that serve firms and institutional buyers.
He stated cryptocurrency reminded him of derivatives of their early days. He additionally admitted that he doesn’t perceive stablecoins. “I don’t understand that as well as everyone in the room … Is there really a dollar behind stablecoin?”
The Bank of America COO was additionally requested whether or not banks are competing with crypto. He replied:
I don’t view it as competitors in any respect. I view it as simply one other asset class … and people prefer it for all kinds of various causes.
The Bank of America govt isn’t the one one seeing crypto as an asset class. Rival funding financial institution Goldman Sachs stated in May that bitcoin is an investable asset. JPMorgan stated in July that a variety of its purchasers see crypto as an asset class that they wish to spend money on.
Commenting on whether or not bitcoin is a retailer of worth, Montag shared: “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.”
As for the Federal Reserve launching its personal central financial institution digital forex (CBDC), he opined, “It will be inevitable, but it will be fine.” Federal Reserve Chairman Jerome Powell stated in September, “We are working proactively to evaluate whether to issue a CBDC and, if so, in what form.”
Last month, Bank of America debuted its crypto analysis, noting that digital property are “too large to ignore.” The financial institution’s devoted crypto analysis workforce was established in July.
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