Bank of America is preparing to enter the cryptocurrency space. Just a few months after criticizing Bitcoin for its increased volatility, it has been learned that Bank of America has formed a new research team to deal with digital assets.
Bloomberg reports that the giant US multinational investment bank is the next bank to join the cryptocurrency caravan. According to the report, Bank of America has formed a new dedicated team to research cryptocurrencies.
Although few details are known at the moment, Bloomberg said Alkesh Shah will be at the forefront of the new venture. He will report to Michael Maras, who is currently doing leading currency and commodities research at the bank.
The note includes the following:
“Cryptocurrencies and digital assets make up one of the fastest growing emerging technology ecosystems. We are uniquely positioned to provide thought leadership with our strong industry research analysis, market-leading global payments platform and Blockchain expertise.”
A spokesperson from the bank confirmed the news but did not provide further details about the project.
The Wall Street giant has been critical of the cryptocurrency industry for years. For this reason, the move is described as a U-turn.
Just a few months ago, an article published by the bank described Bitcoin as “too volatile and impractical.” The document also claimed that the primary cryptocurrency had failed as a store of value.
But now BofA seems to be joining other giant US banks in this significantly more positive approach.
As previously reported, Morgan Stanley provided institutional investors exposure to BTC through several funds. While former critics Goldman Sachs has even filed for a Bitcoin ETF, JPMorgan, whose CEO called Bitcoin a “fraud” years ago, will reportedly launch an actively managed BTC fund.