News
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.
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Bank of America News
Bank of America (BofA) is an American financial conglomerate providing a wide range of financial services and is one of the largest bank holding companies in the USA in terms of assets. It was founded in 1904 and currently headquartered in Charlotte, NC. BofA has become the first financial establishment that has included cryptocurrency in a report about forthcoming financial risks. According to Bank of America, cryptocurrency is not just a threat for their budget, but it complicates the work of preventing money laundering. Also, the company has shown its dependence on innovations made in the market of financial services, including blockchain technology, which can demand a large amount of spending for its implementation. Despite the fact that the holding has expressed skepticism about using Bitcoin, Bank of America has registered some cryptocurrency-related patents in order to prevent customer outflow.
- Market Analysis
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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