Ethereum
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ETH · 3w

Bank of America Is Bullish On Ethereum, DeFi and NFT

The firm's latest report on the blockchain industry is widely praising, calling it "the most exciting new market in years." The Bank of America, the second-largest bank in the United States, has issued mixed messages about cryptocurrencies in the past, including labeling Bitcoin as "polluting" or "impractical" in a March research note. But now, the banking giant's global research division is sounding very positive about the future of the cryptocurrency industry, even describing itself as "bullish" about the ecosystem in general. ​ Calling blockchain "the most exciting new market in recent years," Bank of America's new Digital Assets Handbook is widely enthusiastic about the burgeoning industry, tackling everything from popular cryptocurrencies to decentralized applications, the burgeoning space from decentralized finance, stablecoins, and even NFTs. ​ At the outset, the report claims that the "digital asset industry is too big to ignore" and that there are many things to contemplate beyond Bitcoin. "We believe that cryptocurrency-based digital assets could form an entirely new asset class," the report says. "Bitcoin is important with a market value of \~ $ 900 billion, but the digital asset ecosystem is much more so." The Bank of America report highlights the potential of smart contract platforms like the [development of Ethereum](https://www.blockchainx.tech/erc20-token-development) to power a potential series of innovative services and functionalities. Smart contracts are snippets of code that execute set instructions and are critical to the use of dapps and DeFi, a term that encompasses the kind of peer-to-peer financial services that don't require intermediaries like Bank of America. ​ "In the near future, you will be able to use blockchain technology to unlock your phone; buy a share, a house or a fraction of a Ferrari; receive a dividend; take out a loan, lend or save money; or even pay for gasoline or electricity. pizza, "the repo...
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