Bank of America Says “Crypto Winter” Didn’t Freeze Investor Interest in Cryptocurrencies

Concerns over the so-called “crypto winter” have not frozen investor interest in the sector, Bank of America (BofA) said in a report released Tuesday. The document was published following the bank’s “Web3 & Digital Assets Day” conference, which took place last week.

Conversations with some of the 160 customers who attended the event made it clear that the bank remains optimistic about mainstream digital asset adoption and that “blockchain technology and the digital asset ecosystem are here to stay,” the report cited.

Bank of America said some speakers pointed out that the most innovative projects were built during previous market downturns and that recent downturns, while painful, are “probably healthy for long-term ecosystem development.”

“Customer 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 end of the ecosystem has arrived,” the note said.

Participants who spoke at the event said regulatory clarity is critical for institutional and corporate engagement, which can accelerate real-world usage and result in widespread adoption as consumer confidence in the industry increases, the note added.

  • Watch: What Happened to El Salvador with Bitcoin’s 75% Drop?

One of the consensuses at the meeting was that institutional investors and corporations are preparing to enter the digital asset ecosystem, but remain on the sidelines until a comprehensive regulatory framework is in place, the report said.

BofA said digital asset products may attract the first billion users, but the “next billion will likely require improved bridges between the fiat and crypto ecosystems and the creation of a native crypto environment in which individuals are unaware of the applications they leverage.” blockchain technology.”

The bank reiterated its view that the technology underlying Bitcoin (BTC) offers the most significant software evolution since the internet, adding that the emerging application space for Web 3.0 has the “potential to transform every industry”.

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