When Bitcoin (BTC) was introduced to the entire world in 2017, even the commoners were concerned about the decentralized nature of Bitcoin (BTC). The majority of the financial firms from around the world were concerned about the decentralized nature of digital-asset.
This is the reason why it took Bitcoin (BTC) more than a decade to finally gain mainstream adoption and gain the market position, growth, valuation, and user-base it has today.
When Bitcoin (BTC) was first launched, the institutions that opposed Bitcoin (BTC) the most were traditional institutions. This is where the Bank of America, JPMorgan Stanley, and major banks from the United States opposed it.
However, with time, the majority of the banks have had their perception and mindset changed around Bitcoin (BTC) and cryptocurrencies. Traditional Financial Institutions that were once against Bitcoin (BTC) are now finding innovative ways to adopt Bitcoin (BTC).
Even one of the major banking giants “Bank of America” started talking highly of Bitcoin (BTC) and started finding the possibilities of adopting Bitcoin (BTC).
Just when people thought that Bank of America will soon be the financial institution adopting Bitcoin (BTC), an analyst has emerged and has somewhat slammed the overall reputation of Bitcoin (BTC).
The name of the analyst that recently shared his views and thoughts about Bitcoin (BTC) is Francisco Blanch. Francisco Blanch is one of the top analysts that are currently working as the senior analyst for the Bank of America.
According to Blanch, Bitcoin (BTC) is more of a liability than being a reliable and long-term investment solution. Blanch stated that Bitcoin (BTC) is somewhat impractical and an extremely volatile digital asset. He also added that Bitcoin (BTC) is an extremely disastrous asset to the environment.
There are many who protest the way and amount of energy it takes to mine Bitcoin (BTC). At present, the amount of electricity that is being utilized to mine Bitcoin (BTC) all over the world is capable of providing power to an entire country.
Therefore, in order to meet with high electricity demands for digital asset’s mining, power plants are being built that are increasing air pollution all over the world.
Blanch also stated that Bitcoin (BTC) is now a digital asset that is useless as a long-term asset as well as a hedge fund.
He argued that Bitcoin (BTC) is nowhere near the potential of the current payment solution providers such as Visa or MasterCard. According to figures, Bitcoin (BTC) network is only capable of process 1,400 transactions per hour. On the other hand, Visa and MasterCard are capable of processing over 236 million transactions per hour.
In the light of the above, it is now obvious where the Bank of America stands when it comes to adopting Bitcoin (BTC).