Over the course of time, the cryptocurrency and blockchain industry has gained much reputation among the mainstream and traditional financial institutions. Among these major investment and banking giants were JPMorgan and Morgan Stanley that were attracted to the industry.
Although both financial investment and banking giants were skeptical about cryptocurrencies at the start, they had their opinion and viewpoint changed similar to the rest of the major investment firms.
When mainstream institutions such as MicroStrategy, MassMutual, PayPal, Tesla, and many more firms invested in Bitcoin (BTC) and other cryptocurrencies, these firms started noticing cryptocurrencies.
Being in the traditional financial investment and banking industry for so long, these firms have gained an enormous client base. As the cryptocurrency industry started becoming one of the most traded assets, the clients in these banks started raising questions.
The clients started asking if these firms were ever going to provide them opportunities to invest in cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
Therefore, JPMorgan and Morgan Stanley had to cater to the needs of their clients and launched platforms to provide cryptocurrency investment utility to their clients.
Then these banks would not have done it, they would have seen their client-base shrink and soon, they would be left with fewer clients than ever.
Similar to these giants, analysts, economists, and crypto-spectators had expected the same from the Bank of America. Right when JPMorgan and Morgan Stanley started leaning towards cryptocurrencies, rumors were that Bank of America was also exploring the possibilities of adopting cryptocurrencies.
However, the recent reports and analysis reports from one of the senior analysts at the Bank of America shocked the entire cryptocurrency and fellow traditional finance industry.
One of the senior analysts at Bank of America simply mocked Bitcoin (BTC) and called it nothing more than a tool of liability. The analyst stated that Bitcoin is one of the most volatile assets in the entire history of assets plus digital assets. Therefore, it would be unwise for anyone to invest in this asset and they should rather invest their money in different assets.
While the cryptocurrency industry was trying to recover from the huge low blow by the Bank of America, the bank has gone ahead and taken things further from speculations to facts.
According to the latest reports, the Bank of America recently conducted a survey, which shows 74% of the fund managers (participants) think Bitcoin (BTC) is nothing more than a bubble.
On the other hand, only 16% of participants stated that they think Bitcoin (BTC) is a reliable source of investment. The remaining 10% of participants answer neutrally, either stating that they did not know or they did not want to answer.
According to Bank of America, the survey was conducted among 200 fund managers and the majority of them seem to be thinking the same about Bitcoin (BTC).