Bank of America Debuts Crypto Research Amid ‘Growing’ Institutional Interest
Bank of America Debuts Crypto Research Amid ‘Growing’ Institutional Interest
(Bloomberg) -- Bank of America has launched research coverage of cryptocurrency and digital assets due to “growing institutional interest” and the massive appetite among retail clients.
“If you look at the number of corporates mentioning crypto on their earnings calls, that’s gone from about 17 last year to about 147 in the most recent quarter,” Candace Browning, head of global research at BofA Securities, said Monday in an interview on Bloomberg TV’s “Surveillance” show. “This isn’t just Bitcoin anymore, this is digital assets and it’s creating a whole ecosystem of new companies, new opportunities, and new applications.”
After bearish downtrend, Bitcoin last week experienced one of its largest intraday surges in months following comments by Federal Reserve Chair Jerome Powell that the central bank won’t ban cryptocurrencies. And in a shocking rally, other digital currencies followed in suit.
“This is growing, this is mainstream, and it’s not just Bitcoin,” Browning said. BofA’s cryptocurrency research coverage is being headed up by former tech analyst Alkesh Shah, the company said.
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