Bank of America thinks that the use of blockchain technology and digital assets will change top industries in the next 30years. More so, it’s betting on blockchain technology to be of much impact on the Global Industry space.
Additionally, Bitcoin and the entire crypto space continues seeing spectacular growth. Of course, this is despite all the pressure from regulatory bodies.
Furthermore, Global research from the bank indicates that more notable increase and growth will come to the industry with time. Notably, the blockchain technology is also inclusive.
“Despite potential regulatory headwinds (maybe tailwinds ultimately), we are bullish on the long-term…”
“…prospects for the digital asset ecosystem as it enters the mainstream.”
Talking on Blockchain Technology,..
“We anticipate significant growth as digital asset use cases move beyond Bitcoin’s store of value…”
“…thesis to an industry characterized by product innovation, regulatory clarity..,” “increased institutional participation, and mainstream adoption.”
More so, The bank goes on to explain that crypto is still in the very early stages of mainstream adoption. Then, goes on to place its bet on a remarkable increase for the industry over the next 30 years. Additionally, The research highlights that more than 66 million people are adopting crypto and the blockchain technology since May 2020. Report estimates a total number of global users at 221 million in June 2021.
Subsequently, The report explains that blockchain technology will create new companies. Also, it will simultaneously eliminate legacy firms that are unable to adapt to the technology.
“Due to technological advances in decentralized software that is native to the internet..,”
“a new medium – with distributed ledgers and blockchain at its core –…”
“…is emerging rapidly. The applications built on this new software architecture”
“…appear to be growing more quickly than past technologies.
“New companies are likely to emerge and poorly positioned companies will exit,…”
“…creating significant upside potential for some and downside for others.”
Conclusively, The financial giant goes on to stress the importance of blockchain technology. Noting, it cannot be ignored. Meanwhile, the new use cases will come and go. While, the technology continues growing its place in the market.
“It’s difficult to overstate how transformative blockchain technology, digital assets,…”
“…and the thousands of decentralized apps that have yet to be created could potentially be.
“We expect rapid changes to the current market structure –…”
“…new use cases will be discovered and others will be discarded.”
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