In one of the biggest endorsements of cryptocurrency, Bank of America has initiated coverage of Bitcoin, driving its price past $50,000.
Cryptocurrencies have been gaining traction and widespread acceptance, even as traditional finance and governments struggle to adapt. Bank of America is now acknowledging “digital assets are too large to ignore.”
Bank of America says digital assets represent a $2 trillion+ market, compromised of more than 200 million users, and is poised to transform entire industries.
“Bitcoin is important,” said Alkesh Shah, head of Global Cryptocurrency and Digital Asset Strategy, “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.”
“Digital assets are transforming the way in which markets, businesses and central banks operate,” said Candace Browning, head of BofA Global Research. “Bank of America offers a market-leading global payments platform and blockchain expertise, and the addition of digital asset research further strengthens the depth and breadth of our offerings for investors.”
Bitcoin jumped past $50,000 on the news.