Bank of America Sees Massive Opportunity in Metaverse for Entire Crypto Ecosystem

Metaverse Nov 29, 2022 0 60 Add to Reading List

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. In addition, he expects it to take cryptocurrency mainstream.

Israel is Bank of America’s managing director of research and a global strategist. He is also head of the global thematic research team at Bank of America Merrill Lynch. 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.

However, the director of research believes that existing cryptocurrencies are likely to be too volatile for this purpose, expecting some types of stablecoins to come to dominate.

The metaverse gained much attention in October when social media giant Facebook changed its name to Meta. A parcel of real estate on virtual reality platform Decentraland was recently sold for $2.4 million and Republic Realm paid $4.3 million for a property in The Sandbox metaverse on Tuesday.

The Bank of America strategist also predicted that traditional payments companies will be much more interested in cryptocurrencies if they become widely used in the metaverse. “I see a lot of collaboration between the two,” he opined.

Earlier this month, global investment bank Morgan Stanley said that the metaverse is the next big investment theme. Last week, Grayscale Investments published a report stating that the metaverse is potentially a $1 trillion business opportunity.