After coming on a long journey of difficulties and hardships, the cryptocurrency industry has finally gained mainstream attention. As the year 2020 began, major financial banking and investment institutions such as JPMorgan, Morgan Stanley, and Bank of America showed their interest in cryptocurrencies.
However, somewhere along the way, the Bank of America decided to part ways with the cryptocurrency industry. It was in the 2nd quarter of 2021 when the Bank of America ran an analysis on the price of Bitcoin (BTC) and altcoins.
As a result, the Bank of America came to a conclusion that Bitcoin and altcoins were what the regulatory authorities had been talking about them. The financial banking giant bashed the cryptocurrency industry for being very volatile and unpredictable.
The banking giant claimed that the cryptocurrencies were not going to make it very far due to their volatile nature. It was commented by the bank’s analysts that there were many regulatory flaws and gaps in the cryptocurrency industry. Therefore, it would be impossible for the cryptocurrency industry to survive in the long run.
The analysts at the Bank of America even stated that they would rather invest in other assets such as commodities that offer true value and have physical existence.
After showing its anti-crypto side in the 2nd quarter of 2021, it seems that the Bank of America is again having second thoughts about their analysis of cryptocurrencies.
According to the latest reports, the Bank of America has made a new move that seems to be going in the favor of cryptocurrencies. The reports suggest that the United States’ second-largest bank is now aiming to learn/explore more about cryptocurrencies.
The sources have revealed that the Bank of America has put together a team of cryptocurrency researchers who will be dedicated to the particular task of researching.
One of the media sources “Bloomberg” has provided more details around the new research team on Thursday, July 8, 2021. It has been revealed in the report that the person responsible for leading the research team on cryptocurrencies would be Alkesh Shah.
Alkesh Shah is the data and innovation strategy group’s member at the Bank of America. He is the first choice for leading a team for the research of digital assets and cryptocurrencies. Shah will also be working alongside Andrew Moss and Mamta Jain. Both of them are members of the digital innovation group at the Bank of America Merrill Lynch.
In terms of the cryptocurrency research project, all three members will be reporting to the head of global currencies and commodities research at the Bank of America, Michael Maras.
Despite showing a somewhat cold side to the cryptocurrency industry initially, the Bank of America has finally decided to make a move in the cryptocurrency industry.