Bank of America Corporation (BoA) has published research that offers a positive outlook on the long-term outlook for the cryptocurrency industry.
The report, released Monday by BoA’s subsidiary BofA Securities, praised the digital asset sector and highlighted the innovation taking place in the decentralized finance (DeFi) and NFT sectors.
According to the report, the crypto money industry, with a total value of $ 2.15 trillion, is too big to ignore. The digital currency ecosystem has evolved to include more than just Bitcoin (BTC).
“Tokens that act as operating systems, decentralized applications (DApps), fiat currency indexed stablecoins, central bank digital currencies (CBDC) to replace national currencies, and NFTs that allow connections between artists and fans,” the report said. contains:
“For us, digital assets are not just about payments. They are like a new computing paradigm, a programmable computer that can be accessed by anyone, anywhere, and owned by millions of people around the world ”.
The BofA report revealed that venture capital in the cryptocurrency and blockchain sector has seen a significant increase in 2021. While $ 5.5 billion was invested in the sector throughout 2020, the amount invested in the first half this year it exceeded $ 17 billion.
According to the report, the number of people who buy and sell cryptocurrencies or use blockchain applications worldwide reached 221 million in June 2021. This number was measured at 66 million in May 2020.
BoA stated that the NFT industry explosion surprised even seasoned crypto investors. NFT’s marketplace, OpenSea, processed transactions worth more than $ 2.5 billion in the first half of 2021.