Bank of America is one of the largest financial institutions in the world. However, its annual report has just been published, and we learn that crypto-currency represents indeed a threat to the business model of the institution.
A serious concern
The report has been filed with the SEC by Bank of America to the year 2017. However, we understand very quickly by traversing the document that the american institution is concerned. Indeed, digital currencies seem to pose a significant threat to its future. It must be said that, in recent months, the appetite for virtual currencies is so important that it disrupts the economic model that has been established for dozens of years.
Pixabay – MichaelWuensch / the annual report of the Bank of America points the finger at digital currencies.
Of course, not only is it a major shake-up in the world, but many institutions and governments are concerned about regulation and the future of fiat currencies.
A danger to the future of the institution
Thus, for example, we can read in this report, the following : “The increased competition could have a negative impact on our profits by exerting downward pressure on the prices and credit standards of our products and services, which would require additional investments to improve the quality and delivery of our technology and/or could reduce our market share or adversely affect the willingness of customers to do business with us. “
Pixabay – MichaelWuensch / The future of the economic system established appears to be challenged by the crypto-currencies.
In addition, the Bank of America reminds us that these investments are hazardous. She warns the investors are of course free to make their choices, but who would regret investing their savings in an asset is too volatile.
So far, the rush to the crypto-currency is more topical than ever. Even if the market is down since several weeks now, it should be considered that the digital currencies are indeed part of the current economic system. The concerns of the Bank of America was founded, and it is time to rethink the strategy of the institution. This is particularly complicated.
Source : Bitcoinist