Bank of America: Bitcoin is an innovative technology since the year 1000.
Bank of America, a global financial giant, recently included Bitcoin in its list of innovative technologies since the year 1000 in a report, attracting widespread attention from the market.
Bank of America compares Bitcoin to revolutionary inventions such as the printing press, light bulb, World Wide Web (Internet), social media, iPhone, artificial intelligence (AI), and quantum computers, considering it a technology innovation with revolutionary influence. According to U.Today, Bank of America in its latest research report equates Bitcoin with the printing press and the Ford Model T, believing they all have the same degree of disruptive potential.
The report presents data in chart form, with the horizontal axis representing the timeline since the year 1000 and the vertical axis indicating the world population, aiming to illustrate the potential impact of various technologies on the global population.
Although the report has not been publicly released, a journalist working with Kraken and (Bitcoin Magazine) recently shared related charts on the X platform, garnering widespread coverage from foreign media.
Bank of America has a positive attitude towards blockchain and has obtained multiple patents.
(CoinPost) reports that Bank of America does not view Bitcoin merely as an investment or speculative asset, but sees it as an innovative technology of great significance to the industry, representing a major shift in traditional financial institutions' perception of Bitcoin from skepticism to technological recognition.
Unlike JPMorgan, Bank of America has maintained an optimistic attitude towards Bitcoin since 2013, when the bank's client report pointed out that this cryptocurrency has significant ‘growth potential’.
In January this year, Bank of America CEO Brian Moynihan stated that he would distinguish stablecoins from other cryptocurrencies and predicted that the banking industry would enter the cryptocurrency space from a transaction perspective.
Bank of America reveals it is developing a dollar stablecoin.
In the face of increasingly fierce competition in the cryptocurrency industry, traditional banks are adjusting their strategies.
Bank of America CEO Brian Moynihan publicly stated on June 11 that the bank is developing a dollar-pegged stablecoin in collaboration with other industry participants, further confirming several rumors that have circulated in the market over the past few months; in February this year, Bank of America also revealed a small investment position in Bitcoin ETFs.
Discussions on this banking alliance are still in the early stages, and the final decision will depend on the development of stablecoin-related legislation and market demand.
The banking industry is preparing for the widespread adoption of stablecoins under the Trump administration, especially as large tech companies and retail businesses enter this field, which could siphon deposits and transaction business from banks.
These developments indicate that traditional financial institutions are reassessing their stance on cryptocurrencies and blockchain technology, shifting from mere competitors to potential partners and technology adopters.
Further reading:
Comprehensive opening for cryptocurrencies? Bank of America CEO: If we get the green light, we will cooperate fully!
Bank of America reveals it is developing a stablecoin: We must be prepared! Clear regulations aid institutional entry?
This content is generated by Crypto Agent summarizing various information, reviewed and edited by (Crypto City), and is still in the training stage, which may contain logical errors or information inaccuracies. Content is for reference only and should not be considered as investment advice.
‘Bank of America praises Bitcoin: A once-in-a-millennium innovative technology! On par with the printing press and iPhone’ – this article was first published in ‘Crypto City’
