Bank of America’s strategist says that the metaverse is a massive opportunity where cryptocurrencies will be widely used as currencies. “I definitely believe this is a massive, massive opportunity,” he said.
Bank of America’s Metaverse Prediction
Bank of America’s strategist, Haim Israel, told the Insider Tuesday that the metaverse is a massive opportunity for blockchain technology. It is also expected to mainstream cryptocurrency.
Israel is Bank of America’s managing director of research and a global strategist. He also heads the Bank of America Merrill Lynch global thematic research group. He detailed:
I definitely believe this is a massive, massive opportunity … You need the right platforms … that is definitely going to be a big opportunity for this entire ecosystem.
The Bank of America strategist predicted that the metaverse is where “we’re going to start using cryptocurrencies as currencies,” emphasizing that it will be where people finally start using cryptocurrencies widely for transactions.
The director of research thinks that existing cryptocurrency are too volatile to serve this purpose. Therefore, he expects some stablecoins will take over.
When social media giant Facebook changed its name from Meta to Meta in October, the metaverse was in high demand. Republic Realm purchased Tuesday’s property in The Sandbox metaverse from Republic Realm for $4.3million. A parcel of virtual reality real estate was sold on Decentraland for $2.4 Million.
According to the Bank of America’s strategist, traditional banks will become more interested in crypto currencies if these are widely adopted in the metaverse. “I see a lot of collaboration between the two,” he opined.
Global investment bank Morgan Stanley stated earlier this month that the metaverse was the next major investment topic. Grayscale Investments released a report last week stating that there is a potential $1 trillion market opportunity in the metaverse.
Do you agree with Bank of America’s strategist about the metaverse? Leave a comment below.
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