Bank of America says Crypto Winter concerns haven’t frozen investor interest
According to a research report released by Bank of America, crypto winter concerns haven’t frozen investor interest. Following the Web and Digital Assets Day Conference by BofA, the research is released after discussion with around 160 clients who attended the event. It is evident from their responses that “blockchain technology and digital ecosystem are here to stay”.
Bank of America is optimistic for mainstream and massive global crypto adoption. They believe that the recent downturn is healthy for the market and would pave way for many innovative projects. Investors recently became worried about the performance of crypto markets. Some say crypto markets are now behaving as traditional markets and this shows waning investor interest and arrival of crypto winter.
However, the research from the second largest US bank, BofA shows that the concerns of so-called crypto winter have not frozen investors interest.
The research report of Bank of America
According to the report, “Client engagement continues to grow and focus remains on the rapid development and disruptive nature of blockchain technology, despite falling token prices and headlines suggesting the ecosystem’s demise has arrived.”
Most of the participants were in agreement about better & focused regulatory measures. Regulatory guidelines would be better for the overall development of the crypto ecosystem. Institutional and corporate engagement would increase only when there is clarity over participation and guidelines to safeguard their interest. This would in turn increase massive adoption of crypto through innovation and real-world uses.
Corporates are interestingly eager to participate in this new tokenization era. However, they would only jump after getting the regulatory nod. What we need is a comprehensive regulatory framework for better crypto adoption, the report stated.
The report also said that individuals are unaware of the potential of blockchain technology. Therefore, more individuals can be attracted only through a better bridge between fiat and crypto ecosystem. There is huge potential in the crypto space however lack of regulations is stopping the next wave of individuals from entering this space.
Bank of America believes that development of blockchain technology has resulted in the greatest advancement in software since the advent of internet. Web3 and metaverse will transform the crypto ecosystem & rest of the industries completely. Hence, Crypto winter concerns haven’t frozen investor interest
