A recent report released by Bank of America highlights cryptocurrencies as the greatest innovation of our times.
Bank of America, one of the largest commercial banks in the United States and the world, said that cryptocurrencies have become a true innovation, thanks to the potential they have to transform all industries.
With over $2 trillion in market capitalization and 200 million active users worldwide, cryptoassets are now the most exciting financial market seen in years, the bank said. In the analysis carried out, Bank of America explained that both Bitcoin as cryptocurrencies are already part of the mainstream, thanks to their ability to significantly improve efficiency and reduce friction between transactions.
Candace Browning, head of global research at Bank of America Securities, said in an interview with Bloomberg that Bitcoin and cryptocurrencies are creating an entire ecosystem of startups, which is full of new opportunities and innovative new applications. For the executive, the impressive number of companies now talking about cryptocurrencies is a sign of the change that digital assets are causing globally.
Last year, there were about 17 crypto-related companies that talked about crypto assets in their shareholder calls and earnings reports. Now, there are about 147 companies involved in the crypto world, representing a growth of more than 800% in the last year.
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Bank of America, Bitcoin and cryptocurrencies
Although the US bank has maintained a somewhat contradictory stance on Bitcoin and cryptocurrencies, its recent report is clearly optimistic about this digital innovation.
Research on the crypto industry, which in addition to Bitcoin and cryptocurrencies also encompasses the growing ecosystem DeFi and NFT, was conducted by the bank's cryptocurrency research team. In July of this year, Bank of America reported on the creation of this research team to deepen its knowledge in the world of digital assets. At the time of this announcement, Browning pointed out that Bitcoin and cryptocurrencies were one of the fastest growing emerging technological ecosystems globally.
So far this year, the cryptocurrency market has appreciated by almost 200%, reaching a market capitalization of 2,23 trillions of dollars at press time. Bitcoin, trading above $49.000, remains the market-leading cryptocurrency, with over $927.000 billion in market capitalization and a 43% dominance over the crypto industry.
At the end of September last year, the number of active Bitcoin users was 100 million worldwide, according to a study published by the University of Cambridge (United Kingdom).
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