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Bank of America Debuts Crypto Research Amid ‘Growing’ Institutional Interest

Bank of America has launched research coverage of cryptocurrency and digital assets due to “growing institutional interest” and the massive appetite among retail clients. 

“If you look at the number of corporates mentioning crypto on their earnings calls, that’s gone from about 17 last year to about 147 in the most recent quarter,” Candace Browning, head of global research at BofA Securities, said Monday in an interview on Bloomberg TV’s “Surveillance” show. “This isn’t just Bitcoin anymore, this is digital assets and it’s creating a whole ecosystem of new companies, new opportunities, and new applications.”

Bloomberg
Surveillance: Early Edition, live from London, Berlin and New York. Francine Lacqua, Matt Miller, and Kailey Leinz deliver the latest news and analysis on the markets with leaders in global finance and economics. Anne-Marie Trevelyan, U.K. International Trade Secretary, says a comprehensive trade deal with the U.S. is possible before the next election. David Herro, Harris Associates CIO, says inflation is here globally. Kallum Pickering, Berenberg Senior Economist, says we’re in for a volatile period. Lucy Frazer, U.K. Financial Secretary to the Treasury, says the U.K. has sufficient supply from refineries. (Source: Bloomberg)

After bearish downtrend, Bitcoin last week experienced one of its largest intraday surges in months following comments by Federal Reserve Chair Jerome Powell that the central bank won’t ban cryptocurrencies. And in a shocking rally, other digital currencies followed in suit.

Read more: Crypto Fans Bask in ‘Light of the Bull Mood’ as Bitcoin Bounces

“This is growing, this is mainstream, and it’s not just Bitcoin,” Browning said. BofA’s cryptocurrency research coverage is being headed up by former tech analyst Alkesh Shah, the company said.  

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 05.10.2021

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