- The BoA report shows that blockchain technology and the cryptocurrency ecosystem will remain with us for the foreseeable future.
- Many Millenials are investing in crypto than other forms of investments.
A June 28 report from the Bank of America (BoA) claims that investors are still interested in investing in cryptocurrencies despite the general crypto market downturn. The report was part of the conclusion reached at the bank’s Digital Assets and Web3 Conference day held last week.
Part of the report reads, “blockchain technology and the crypto ecosystem are here with us forever.” Attendees at the event include 160 clients from around the world. The contributions from these attendees were the reason the bank reached this conclusion in its report.
Broader crypto adoption remains likely
Most speakers during the event pointed at various top-level projects now available despite these harsh market conditions. Hence, they conclude that the growth of the crypto ecosystem is likely to continue. Other speakers also remarked that the current harsh market conditions would likely create a healthier crypto ecosystem in the long term.
According to the report, there has been a constant growth in client engagement. Also, there is still more interest in understanding blockchain technology’s disruptive nature and fast development. Thus, news indicating that the crypto ecosystem has reached an end is false.
Related: Bank of America says Bitcoin is more like a risk asset than a hedge against inflation asset
Nevertheless, the event’s keynote speakers emphasized the need for a regulatory policy for the crypto industry. Other attendees agreed with the submissions of the keynote speakers. However, they also noted that there is a need for authorities to provide clarity regarding existing regulations.
Hence, there can be engagement from corporate and institutional investors. Once these two groups of investors engage in cryptos, it will increase customers’ trust in the industry. Consequently, there will be a broader adoption of the crypto ecosystem.
The report claims that most institutional and corporate investors are reluctant to have anything to do with the crypto space now. However, they will change their stance once the industry has a proper regulatory framework.
The first billion crypto users
BoA also said attracting the first billion users to the crypto space is easy. However, that won’t happen unless better bridges between the crypto and fiat sectors exist. Also, establishing a crypto-native ecosystem will be key to attracting this first billion users.
In a crypto-native ecosystem, participants know the applications that use blockchain technology. The BoA report claims that blockchain technology evolution is next after the internet evolution.
The report also adds that Web3 applications are capable of disrupting any industry. In related news, a recent survey of millennials aged 25-40 shows that many of them are investing in cryptos more than any other investment asset.
Thus, the data concludes that rising interest in cryptos isn’t going away anytime soon. Nevertheless, the general crypto market downturn continued yesterday. Bitcoin leads other digital assets in trading in the red as of Wednesday morning. The leading digital asset is down 4.99 percent in the past 24 hours and trades at $20,097, according to current data.
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