Bank of America launched its digital asset research with the publication of a report entitled "Digital Assets Primer: Only the first inning," led by Alkesh Shah, head of Global Cryptocurrency and Digital Asset Strategy.
Digital assets represent a $2 trillion+ market value with 200 million+ users, and have the potential to transform every industry by improving efficiency and reducing friction across transactions. Hundreds of companies are forming within this new ecosystem, creating a new asset class.
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The primer provides an investment framework for the digital asset landscape, looking through a variety of lenses: tokens that act like operating systems; applications powered by smart contracts; stablecoins pegged to fiat currencies; central bank digital currencies that could replace money; and non-fungible tokens that connect creators and fans in a different way.
"Bitcoin is important," said Shah, "but the digital asset ecosystem is so much more. Our research aims to explore the implications across industries including finance, technology, supply chains, social media and gaming."
"Digital assets are transforming the way in which markets, businesses and central banks operate," said Candace Browning, head of BofA Global Research. "Bank of America offers a market-leading global payments platform and blockchain expertise, and the addition of digital asset research further strengthens the depth and breadth of our offerings for investors."
Source: Bank of America