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Bank of America sees huge opportunity in metaverse for the entire crypto ecosystem

The Bank of America strategist says the metaverse is a great opportunity where cryptocurrencies will be widely used as currencies. “I really think it’s a great opportunity,” he said.

Bank of America Metaverse Forecast

Bank of America strategist Haim Israel told Insider on Tuesday that the metaverse is a great opportunity for blockchain technology. Moreover, he hopes that the cryptocurrency will become popular.

Israel is the chief research officer at Bank of America and a global strategist. He is also Director of the Global Thematic Research Team at Bank of America Merrill Lynch. He detailed:

I really think this is a great opportunity ... You need the right platforms ... it will definitely be a great opportunity for this whole ecosystem.

The Bank of America strategist predicted that the metaverse is where “we’ll start using cryptocurrencies as currencies,” pointing out that this is where people will finally start to use cryptocurrencies extensively for money. transactions.

However, the research director believes that existing cryptocurrencies are likely to be too volatile for this purpose, hoping that certain types of stable currencies will dominate.

The Metaverse gained a lot of attention in October, when social media giant Facebook changed its name to Meta. Many real estate properties on the Decentraland virtual reality platform were recently sold for $ 2.4 million, and Republic Realm paid $ 4.3 million for a property in the metaverse The Sandbox on Tuesday.

The Bank of America strategist also predicted that traditional payments companies will be much more interested in cryptocurrencies if they are widely used in the metaverse. “I see a lot of collaboration between the two,” he said.

Earlier this month, global investment bank Morgan Stanley said the metaverse is the next big investment topic. Last week, Grayscale Investments released a report indicating that the Metaverse is potentially a $ 1 trillion business opportunity.

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