Is Bank of America Scared ? Seems so

[littlebill16]

See
https://www.coindesk.com/bank-of-america-cryptocurrency-risk-factor-annual-report-10-k/

Seems that they are somewhat scared by the competition of crypto...


"In a passage about new competitors in the financial services industry, Bank of America expressed caution about how client preferences could lead them to use products like cryptocurrencies - for which, as it stands, the bank does not offer any support."..

Sounds like it..
Cheers

All banks should be fearful of cryptocurrencies and it's foolish if they don't recognize that. They have the power to compete with them in a way that banks are not used to. They cannot simply buy cryptocurrencies and take them under their control due to their decentralized nature.

Cryptocurrencies (like bitcoin) are only a threat for the international wire transfers these days. As long as you can't give out loans in bitcoin without the proper (and legalised) collateral background, it's not as urgent for the banks to handle the crypto story. Also, as long as bitcoin (and the others) are so volatile, everyday people will stay away from them. Mass adoption is a need for bitcoin and for the other cryptos yet, to let all the people know about bitcoin and the possible advantages of them, compared to the current banking system. But as long as scammy ICOs are not regulated somehow, people won't be brave enough to join this party... So there's a lot to do until bitcoin will be a real threat to banks, but banks are really cautious, so they are analysing the current situation, and they are trying to prevent the future losses, so this is why they think about crytos like Bank of America.

You make a good point about loans as that's such a big source of income for banks. The thing is that as money moves away from banks in terms of traditional deposits in to regular checking accounts then they will have less funds in order to give out such loans. While I agree we're a long way from banks being under real threat from bitcoin, they are definitely being hurt by it.

[barneystinson]

See
https://www.coindesk.com/bank-of-america-cryptocurrency-risk-factor-annual-report-10-k/

Seems that they are somewhat scared by the competition of crypto...


"In a passage about new competitors in the financial services industry, Bank of America expressed caution about how client preferences could lead them to use products like cryptocurrencies - for which, as it stands, the bank does not offer any support."..

Sounds like it..
Cheers

I don't think that banks are afraid of crypto, rather banks are already into crypto. Fund managers and portfolio managers are not dumb enough for them not to see the opportunity in crypto currency. Probably we don't know that they have already invested millions into this and already manipulating the market price. Trying to take advantage to the small fish in the market.

[kingkats0803]

See
https://www.coindesk.com/bank-of-america-cryptocurrency-risk-factor-annual-report-10-k/

Seems that they are somewhat scared by the competition of crypto...


"In a passage about new competitors in the financial services industry, Bank of America expressed caution about how client preferences could lead them to use products like cryptocurrencies - for which, as it stands, the bank does not offer any support."..

Sounds like it..
Cheers

it is not in the best interests of bank to embrace cryptocurrency, it is a competition. on the other hand, it is also not in the best interest and benefits fo the banks not to embrace cryptocurrency.
Many are using cryptocurrency nowadays and it is making its waves and influence in the global market. So I believe it would be a little careless if they don't make any moves to incorporate Cryptos in their roadmaps. It is better to regulate it rather than compete with it, they can't beat cryptos

[Dudeperfect]

As we all know that Bitcoin is based on blockchain technology which relies on decentralization that truly represents the democratic values, so it's not about the single bank but the whole banking system needs optimisation in their processing system. In fact, some banks are trying (testing) to implement blockchain technology to transform their traditional system in order to provide a better user experience. Ultimately it is a game of doing it in a faster smarter and better way. As of now, cryptocurrencies are doing good.

[verasity]

Sounds like pretty standard horizon scanning to me. All reputable companies have risk registers to outline technological and sociopolitical events that could impact their business.

[alekseidanilov0803]

In order to introduce Bitcoin into the official currency, the government needs to try very hard.

[Rosscy]

See
https://www.coindesk.com/bank-of-america-cryptocurrency-risk-factor-annual-report-10-k/

Seems that they are somewhat scared by the competition of crypto...


"In a passage about new competitors in the financial services industry, Bank of America expressed caution about how client preferences could lead them to use products like cryptocurrencies - for which, as it stands, the bank does not offer any support."..

Sounds like it..
Cheers

Any changes will certainly have pros and cons, with the presence of alternative currency like crypto, will certainly result in traditional finances such as fiat. The fear of Bank of America Scared certainly has a reason because in the United States and Canada, many stores and retailers have received Bitcoin as a method of payment.