{"id":14031,"date":"2021-11-07T01:54:06","date_gmt":"2021-11-07T01:54:06","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/bank-of-america-executive-sees-crypto-as-asset-class-i-dont-view-it-as-competition-at-all\/"},"modified":"2021-11-07T01:54:06","modified_gmt":"2021-11-07T01:54:06","slug":"bank-of-america-executive-sees-crypto-as-asset-class-i-dont-view-it-as-competition-at-all","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/bank-of-america-executive-sees-crypto-as-asset-class-i-dont-view-it-as-competition-at-all\/","title":{"rendered":"Bank of America Executive Sees Crypto as Asset Class: \u2018I Don\u2019t View It as Competition at All\u2019"},"content":{"rendered":"

Bank of America\u2019s chief operating officer does not see cryptocurrency as competition. Instead, he views it as an asset class, noting that \u201cpeople like it for all sorts of different reasons.\u201d<\/strong><\/p>\n

Bank of America\u2019s COO on Crypto: \u2018I Don\u2019t View It as Competition at All\u2019<\/h2>\n

Bank of America COO Tom Montag talked about cryptocurrency Thursday in an interview<\/a> with Chainalysis CEO Michael Gronager at a conference hosted by the blockchain analytics firm in New York.<\/p>\n

Montag is also president of Bank of America\u2019s Global Banking and Markets and a member of the company\u2019s executive management team. He is responsible for all of the businesses that serve companies and institutional investors.<\/p>\n

He said cryptocurrency reminded him of derivatives in their early days. He also admitted that he does not understand stablecoins. \u201cI don\u2019t understand that as well as everyone in the room \u2026 Is there really a dollar behind stablecoin?\u201d<\/p>\n

The Bank of America COO was also asked whether banks are competing with crypto. He replied:<\/p>\n

I don\u2019t view it as competition at all. I view it as just another asset class \u2026 and people like it for all sorts of different reasons.<\/p>\n

The Bank of America executive is not the only one seeing crypto as an asset class. Rival investment bank Goldman Sachs<\/a> said in May that bitcoin is an investable asset. JPMorgan<\/a> said in July that a lot of its clients see crypto as an asset class that they want to invest in.<\/p>\n

Commenting on whether bitcoin is a store of value, Montag shared: \u201cI came around to how this could have value as a global store of value. It\u2019s hard to appreciate the importance of that as an American when you\u2019re used to having a stable currency.\u201d<\/p>\n

As for the Federal Reserve launching its own central bank digital currency (CBDC), he opined, \u201cIt will be inevitable, but it will be fine.\u201d Federal Reserve Chairman Jerome Powell said<\/a> in September, \u201cWe are working proactively to evaluate whether to issue a CBDC and, if so, in what form.\u201d<\/p>\n

Last month, Bank of America debuted its crypto research, noting that digital assets are \u201ctoo large to ignore<\/a>.\u201d The bank\u2019s dedicated crypto research team was established<\/a> in July.<\/p>\n

What do you think about the comments by Bank of America\u2019s COO? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nFeatured, Bank of America, bank of america bitcoin, bank of america crypto, bitcoin asset blass, bitcoin asset class, Bofa, bofa bitcoin, bofa crypto, crypto asset class, cryptocurrency asset class<\/p>\n","protected":false},"excerpt":{"rendered":"

Bank of America\u2019s chief operating officer does not see cryptocurrency as competition. Instead, he views it as an asset class, noting that \u201cpeople like it for all sorts of different reasons.\u201d Bank of America\u2019s COO on Crypto: \u2018I Don\u2019t View It as Competition at All\u2019 Bank of America COO Tom Montag talked about cryptocurrency Thursday…<\/p>\n","protected":false},"author":0,"featured_media":14032,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-14031","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14031"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=14031"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14031\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/14032"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=14031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=14031"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=14031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}