Bank of America announces cryptocurrency research department
“If you look at the number of companies that mention crypto in their calls where their portfolio results are debated, that volume has increased about 860% from last year to the most recent quarter,” said Candace Browning, head of Global Research from BofA Securities, in an interview today (4th) on a Bloomberg TV show.
“It’s not just Bitcoin anymore, it’s digital assets and it’s creating a whole ecosystem of new businesses, new opportunities and new apps,” he said.
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After days following a downtrend, the price of Bitcoin last week experienced one of its biggest daily rises in months, following comments by Fed Chairman Jerome Powell that the central bank will not ban cryptocurrencies. And in a shocking recovery, other digital currencies followed suit.
“This market is growing! This is popular, and it doesn’t just involve Bitcoin,” Browning said. BofA’s Cryptocurrency Research coverage is being led by former technology analyst Alkesh Shah, according to the company.