Bitcoin’s growing correlations with gold, S&P 500 and Nasdaq 100 indicate that investors see BTC as a “relative safe haven,” BofA strategists wrote.
Bank of America News
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Bitcoin price has avoided a bigger plunge below $18,000 in recent months, raising expectations that a market bottom is forming.
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The paper’s authors say Central Bank Digital Currencies are problematic for the future of individual and economic freedom, but crypto is a viable alternative.
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Risk-averse BTC derivatives traders throw in the towel after futures contracts trade below the spot market price.
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As more and more financial giants set up crypto research teams, experts see this trend continuing to gain traction in the future.
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The "Oracle of Omaha" now has more companies in his portfolio that have direct/indirect exposure to Bitcoin and similar cryptocurrencies.
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A recent note from Bank of America analysts said that a CBDC would differ from digital currencies currently available because it would be the liability of the Fed, not a commercial bank.
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LinkedIn reports that site-wide job listings relating to crypto are up more than 600% since August last year.
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Mirror opens decentralized blogging to the public, a Bank of America report is bullish on DeFi, and MakerDAO considers climate initiatives.
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These companies with crypto and digital assets exposure have stocks rated as “Buy” or “Neutral” by Bank of America.
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“[Crypto] is a trend that has barely started — money is the easiest application and the Bitcoin use case started there,” said Bank of America.
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“More than 70% of the adult population of El Salvador does not have a bank account,” reads the latest Global Research report from Bank of America. “For that reason, democratizing access to electronic payments, through Bitcoin, has a progressive touch.”
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Candace Browning, the bank's head of global research, described cryptocurrency as "one of the fastest growing emerging technology ecosystems."
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CEOs of major American banking institutions are heading to Washington to face legislators' questions about how they will aid a post-pandemic economic recovery.
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Bank of America noted that trades identified as "crowded" have historically been associated with incoming market tops.
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