Investor interest in the sector has not been impacted by concerns of a so-called “crypto winter,” according to research released the Bank of America (BAC) on Tuesday following its Web3 & Digital Assets Day Conference last week.
“Blockchain Technology and the Digital Asset Ecosystem Are Here to Stay”
According to the article, the bank is still excited about the general public’s adoption of digital assets, which claims that conversations with some of the 160 clients who attended the event made it clear that “blockchain technology and the digital asset ecosystem are here to stay.”
Although recent market declines have been difficult, the bank claimed they are probably healthy for ecosystem growth in the long run, as some speakers mentioned.
The most creative initiatives were started during previous market downturns. The letter noted that customer interaction was still increasing and that blockchain technology’s rapid growth and disruptive nature were still in the limelight despite dropping token values and news headlines stating the ecosystem was on the extinction approach.
Participants at the session spoke at length about the value of legal certainty for institutional & corporate engagement. According to the note, consumer confidence in the sector might hasten real-world application & lead to widespread acceptance.
According to the article, institutional investors and businesses intend to participate in the ecosystem of digital assets, but they won’t do so until a comprehensive regulatory framework has been established.
According to BofA, the first billion users might be attracted to digital asset products, but the next billion will probably need better connections between the fiat and crypto ecosystems and the development of a crypto-native ecosystem, where people are not aware of the applications that use blockchain technology, the company claims.
The bank reiterates that it thinks blockchain technology has led to the largest progress in software since the internet’s inception and adds that the Web3 ecosystem now under construction has the “potential to change every business.”
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