Key Takeaways:
- Bank of America Sees Massive Opportunity in Metaverse for Entire Crypto Ecosystem
- Bank of America’s strategist says, “I definitely believe this is a massive, massive opportunity.”
Haim Israel, a strategist at Bank of America, told on Tuesday that the metaverse represents a massive opportunity for blockchain technology. Besides that, he believes it will help mainstream cryptocurrency. Israel is the managing director of research at Bank of America and a global strategist.
He is also the head of Bank of America Merrill Lynch’s global thematic research team. He said that
“I firmly believe that this is a massive, massive opportunity… You’ll need the proper platforms… That will undoubtedly be a significant opportunity for the entire ecosystem”.
The Bank of America strategist predicted that the metaverse is where “we’re going to start using cryptocurrencies as currencies,” emphasizing that it is where people will finally begin to use cryptocurrencies widely for transactions.
On the other hand, the director of research believes that existing cryptocurrencies are likely to be too volatile for this purpose and that some types of stablecoins will come to dominate.
When Facebook changed its name to Meta in October, it drew much attention to the metaverse. On the virtual reality platform Decentraland, a parcel of real estate was recently sold for $2.4 million, and Republic Realm paid $4.3 million for a property in The Sandbox metaverse on Tuesday.
The Bank of America strategist also predicted that if cryptocurrencies become widely used in the metaverse, traditional payment companies will be much more interested in them. “I see a lot of collaboration between the two,” he suggested.
This month, Morgan Stanley, a global investment bank, stated that the metaverse is the next big investment theme. In addition, grayscale Investments published a report last week claiming that the metaverse could be a $1 trillion business opportunity.
