‘Not Just Bitcoin’: Bank of America ‘Bullish’ on Ethereum, DeFi and NFTs

Bank of America, the second-largest bank in the United States has given mixed messages on crypto in the past—including slamming Bitcoin as “slow” and “impractical” in a March research note. But now, the global research division of the banking giant is sounding very positive about the future of the wider crypto industry, even describing itself as “bullish” about the overall ecosystem.
Calling blockchain “the most exciting new market in years,” Bank of America Global Research’s new Digital Asset Primer is widely enthusiastic about the growing industry, touching on everything from popular cryptocurrencies to decentralized apps, the burgeoning decentralized finance space, stablecoins, and even NFTs.
Right off the bat, the report states that the “digital asset sector [is] too large to ignore,” and that there’s more to watch beyond Bitcoin. “We believe crypto-based digital assets could form an entirely new asset class,” the report reads. “Bitcoin is important with a market value of ~$900 billion, but the digital asset ecosystem is so much more.”

Bank of America’s report highlights the potential for smart contract platforms like Ethereum to power a potential array of services and functionality. Smart contracts are bits of code that perform set instructions, and they’re critical to the use of dapps and DeFi—a catchall term for the sort of peer-to-peer financial services that don't require intermediaries like Bank of America.
“In the near future, you may use blockchain technology to unlock your phone; buy a stock, house or fraction of a Ferrari; receive a dividend; borrow, loan or save money; or even pay for gas or pizza,” the report states.
Along the way, Bank of America cites sizable figures—such as more than $17 billion worth of venture capital investments in digital assets and blockchain firms in the first half of 2021 alone, compared to $5.5 billion across all of 2020.

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