Bank of America is in the news because they have pretty much stated that they believe that cryptocurrencies are risk.
They said that they are concerned with the fact that how popular cryptocurrencies are becoming and if other institutions start picking up on cryptocurrencies and picking up where they are slacking off that they will eventually lose money which is true. This is why we've seen a couple of other banks come forward to say yeah we are now opening up accounts for people who have cryptocurrencies, they have made these for the richest of us and the poorest of us as they are trying to get the entire crowd together because they see that this is a money making opportunity as the prices of cryptos will continue to rise and we eventually do hit a multi trillion dollar market.
Crypto will then be worth and is already worth more a couple of countries around the world so that they can figure out a way to charge you like they already charge you for your normal bank accounts and say that it's safe way.
They realize that there's competition out there and they are falling behind so I would not be surprised if by the end of this year we see kind of a turn around from bank of America and a couple of other banks.
By the end of this year we see banks like Bank of America pretty much opening their own crypto accounts or something to do with crypto or them saying that they are not opposed to crypto or them turning back on the entire thing with the credit card ban and we're going to try and see some sort of way that they're going to try to also profit from the money that people are making in crypto and to be realistic people are going to follow them, people are going to be like oh yeah they were the bad guys but now they are the good guys but it's just kind of how it is, people go with the names that are trusted and Bank of America is a very big bank in America. But I believe they are going to figure out a way to profit just like everyone else.
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Good article thanks
Yes, I think the competition issue is the reason for the statement. Thanks for the info, I didn't know this. Joy