Bank of America, which is one of the largest financial institutions in the world, has recently filed their annual report with the SEC. Most of it was made up of pretty standard stuff about their business and projections for the future, but one part was quite interesting for those investing in crypto.
The report said, “Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies. Increased competition may negatively affect our earnings by creating pressure to lower prices or credit standards on our products and services requiring additional investments to improve the quality and delivery of our technology and/or reducing our market share, or affecting the willingness of clients to do business with us.”
While cryptocurrency obviously won’t be putting Bank of America out of business anytime soon, it is good to see that crypto is being taken very seriously.
Given the amount of influence that large banks like BoA have over government regulators, this could be cause for concern as well. If large financial institutions begin to see crypto as a real threat, they will certainly direct their lobbying efforts against the crypto industry, which could cause very big issues.
Keeping a close eye on this type of thing is going to be very important in the coming months and beyond.
