Bank of America: crypto market downturns are “likely healthy for the ecosystem’s development over the long term”
Despite the market collapse and the general wariness caused by the expectation of the crypto winter, the crypto asset ecosystem remains attractive for investment. Such conclusions can be drawn based on the Bank of America report presented as part of the Web3 & Digital Assets Day Conference.
BofA representatives talked with the audience about the future of cryptocurrencies, after which they announced that they remained optimistic about the prospects for crypto assets and their widespread distribution. The respondents are convinced: “Blockchain technology and the ecosystem of digital assets are not going anywhere.”
Client engagement continues to grow, and focus remains on the rapid development and disruptive nature of blockchain technology, despite falling token prices and headlines suggesting the ecosystem’s demise has arrived.
According to the report, the sides assess the recent events in the crypto market as painful. However, they agree that dramatic falls are “likely healthy for the ecosystem’s development over the long term”. This is confirmed by the continuing growth of interest from investors.
The respondents emphasize the important role of precise legal regulation. Creating a strong legal framework will not only ensure effective interaction between social institutions and specialized organizations. It will also favorably affect the mass implementation of crypto assets in everyday life. The gradual restoration of public confidence in the industry will lead to this result.
The document notes that products based on cryptoassets are enough to attract one billion users. In the future, to increase this number, it will be necessary to build on the links between the fiat and digital ecosystems and create a cryptonative ecosystem.
BofA is convinced that blockchain technology is the basis of the peak of software progress since the appearance of the Internet, and Web3 will be able to transform any area.