The Bank of America stated in a report on Tuesday that crypto winter has not harmed investors’ interests. The report concludes the Digital Assets and Web3 day conference that took place last week.
“Blockchain technology and the digital asset ecosystem are here to stay,” the report said. The statement came about after a conversation with about 160 customers or attendees of the event.
Bank of America Seems Optimistic About Mainstream Crypto Adoption
Many speakers attending the event emphasized the point that several gemstone projects emerged during the tumultuous and harsh market conditions. Several attendees stated that while painful, it is “probably healthy for the ecosystem’s long-term development”.
“Customer engagement continues to grow and the focus remains on the rapid development and disruptive nature of blockchain technology, despite falling token prices and headlines suggesting the ecosystem’s demise is upon us.”
BoA report
Key speakers at the event spoke about the importance of a regulatory framework for digital assets. Several participants also emphasized that clarity about regulations is needed to get the involvement of institutions and companies. This, in turn, will boost consumer confidence in the sector and encourage mainstream adoption.
The report states that major institutional investors and companies will remain on the sidelines and be reluctant to get their hands on the digital asset ecosystem until a proper regulatory framework is in place.
Bank of America says it’s easy to attract the first billion users to the crypto ecosystem. But the “Next Billion will likely require improved bridges between the fiat and crypto ecosystems and the establishment of a crypto-native ecosystem, in which individuals are unaware of the applications leveraging blockchain technology.”
After the invention of the internet, the bank stated that blockchain technology provides the most important software evolution. The Web3 applications also have the power and potential to transform any industry.
In other news, according to a study, millennials between the ages of 25 and 40 are eager to invest their money in cryptocurrencies other than mutual funds. The statistics show the growing interest in the sector.