Bank of America is unlikely to make a substantial move into the cryptocurrency space anytime soon.
When Yahoo Finance Live questioned Bank of America CEO Brian T. Moynihan at the World Economic Forum if he felt the corporation was missing out on the next big thing by not actively pushing into crypto, he said, “No” (full interview above).
Moynihan, who has led BofA’s digital banking revolution for the past 12 years, stated that the bank is severely regulated, which prohibits it from going all-in on crypto.
BofA should continue to focus on what it does best, which is being a bank and fostering financial freedom, according to the banking industry veteran.
“Our main goal is to assist Americans in having a successful financial life,” Moynihan added. “Only three years ago, we launched our life plans and financial planning tool, which now has four or five million users. That’s what you need to do: teach people how to make their money work harder for them in order to benefit them in their daily lives.”
Despite crypto’s reasonably strong presence at the World Economic Forum, including multiple after-parties and the appearance of Ripple CEO Brad Garlinghouse and FTX President Brett Harrison, individuals Yahoo Finance spoke with remained skeptical about the digital currency.
Bitcoin’s price recently went below $30,000 amid a broader sell-off in all things tech, shares of crypto exchanges like Coinbase and Robinhood have been pummeled, and the recent collapse of the TerraUSD stablecoin felt like a watershed event to many observers.
In the midst of the chaos, Guggenheim’s Scott Minerd warned Bloomberg that bitcoin might fall to $8,000 and that the industry now has a slew of “yahoos.”