“I don’t think this is competition at all” – Featured Bitcoin News

The chief operating officer of Bank of America does not see cryptocurrency as a kind of competition. Instead, he sees it as an asset class and points out that “people like it for a variety of different reasons.”

Chief Operating Officer of Bank of America Cryptocurrency: “I don’t think this is competition at all”

Tom Montag, chief operating officer of Bank of America, talked about cryptocurrency in a speech on Thursday interview Chainalysis CEO Michael Gronager at a conference hosted by Blockchain Analytics in New York.

Montag is also President of Bank of America’s Global Banking and Marketing Department and a member of the company’s executive management team. He is responsible for all businesses that serve companies and institutional investors.

He said that cryptocurrency reminded him of early derivatives. He also admitted that he did not understand stablecoins. “I don’t understand this and everyone in the room… Is there really a dollar behind the stablecoin?”

The chief operating officer of Bank of America was also asked whether the bank was competing with cryptocurrencies. He replied:

I don’t think this is competition at all. I think it’s just another asset class…People like it for a variety of different reasons.

Bank of America executives are not the only ones who see cryptocurrency as an asset class.Competitor Investment Bank Goldman Sachs It was stated in May that Bitcoin is an investable asset. JPMorgan In July, it said that many of its customers see cryptocurrencies as the asset class they want to invest in.

When commenting on whether Bitcoin is a store of value, Montag shared: “I thought of how to use Bitcoin as a store of global value. When you are used to having a stable currency, it is difficult to understand the importance of being an American. .”

As for the Fed’s launch of its own central bank digital currency (CBDC), he believes, “It will be inevitable, but it will be fine.” Federal Reserve Chairman Jerome Powell Said In September, “We are actively evaluating whether to issue CBDC, and if so, in what form.”

Last month, Bank of America launched its encryption research, stating that digital assets are “Too big to ignore. “The bank’s dedicated encryption research team is Established In July.

What do you think of the comments made by the Chief Operating Officer of Bank of America? Let us know in the comments section below.

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