“I don’t see it as a competition at all” – Bitcoin Featured News – News Couple

“I don’t see it as a competition at all” – Bitcoin Featured News

Bank of America’s chief operating officer does not see cryptocurrency as a competition. Instead, he views it as an asset class, stating that “people love it for all kinds of different reasons.”

COO of Bank of America on Cryptocurrencies: ‘I Don’t See It as a Competition at All’

Tom Montague, chief operating officer of Bank of America, spoke about cryptocurrency Thursday in an interview with Chainalysis CEO Michael Gronager at a conference hosted by the blockchain analytics firm in New York.

Montague is also Head of Banking and Global Markets for Bank of America and a member of the company’s executive management team. He is responsible for all business serving corporate and institutional investors.

He said the cryptocurrency reminded him of derivatives in its early days. He also admitted that he does not understand stablecoins. “I don’t get it like everyone in the room… Is there really a dollar behind stablecoin?”

The COO of Bank of America was also asked if banks are competing with cryptocurrencies. to reply:

I don’t see it as a competition at all. I see it as just another asset class… and people love it for all kinds of different reasons.

The CEO of Bank of America is not the only one who sees cryptocurrency as an asset class. Rival investment bank Goldman Sachs said in May that bitcoin is an investable asset. JPMorgan said in July that many of its customers see crypto as an asset class in which they would like to invest.

Commenting on whether bitcoin is a store of value, Montague said: “I figured out how this can have value as a global store of value. It’s hard to appreciate the importance of that as an American when you’re used to owning a stablecoin.”

As for the Federal Reserve’s launch of its own central bank digital currency (CBDC), he said, “This will be inevitable, but it will be OK.” “We are proactively evaluating whether a central bank digital currency should be issued, and if so, in what form,” Federal Reserve Chairman Jerome Powell said in September.

Last month, Bank of America launched its research into cryptocurrencies, stating that digital assets are “too big to ignore.” The bank’s dedicated crypto research team was set up in July.

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

photo credits: Shutterstock, Pixabay, Wikicommons

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