• Bank of America sees a huge opportunity for the entire cryptocurrency ecosystem in the meta-universe

  • The Bank of America strategist said the meta-universe is a huge opportunity for cryptocurrencies to be widely used as currency.” I absolutely believe it’s a massive, massive opportunity,” he said.

    Bank of America’s predictions for the metaverse

    Haim Israel, a strategist at Bank of America, said the metaverse is a huge opportunity for blockchain technology. Moreover, he expects it to bring cryptocurrencies into the mainstream.

    Israel is a research managing director and global strategist at Bank of America. He is also the head of the global thematic research team at Bank of America Merrill Lynch. He elaborates.

    I absolutely believe this is a huge, huge opportunity …… you need the right platform …… it’s definitely going to be a big opportunity for the whole ecosystem.

    The Bank of America strategist predicted that the metaverse is where “we will start using cryptocurrencies as currency,” and he stressed that this will be where people will eventually start using cryptocurrencies widely for transactions.

    However, the research director believes that existing cryptocurrencies may be too unstable for this purpose, and expects some type of stable coin to dominate.

    The metaverse gained a lot of attention in October when social media giant Facebook changed its name to Meta. A piece of real estate on the virtual reality platform Decentraland recently sold for $2.4 million, and Republic Realm paid $4.3 million for a property in The Sandbox metaverse on Tuesday.

    The Bank of America strategist also predicted that traditional payment companies will be more interested in cryptocurrencies if they become widely used in the metaverse.” I see a lot of collaboration between the two,” he argued.

    Earlier this month, global investment bank Morgan Stanley said that the metaverse is the next big investment theme. Last week, Grayscale Investments published a report saying that the metaverse is potentially a $1 trillion business opportunity.

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