Bank Of America Admitted That Cryptocurrencies Are A Threat

One of the world’s largest financial institutions, Bank of America, has recently admitted that cryptocurrencies are a threat to its business model.
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The news comes from the bank’s annual report which was dated February 22nd and filed with the US Securities and Exchange Commission (SEC).

Aside from cryptocurrencies, there are many types of risks listed in the report including economic, political and operational. The Charlotte-based bank faces a variety of risks from cryptocurrencies and for the first time, a model such as cryptocurrency adoption has made the list.

As of recently, Bank of America also banned the credit card transactions for cryptocurrencies, stating that similar policies will cost the firm clients. As the bank stated:

“Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies,”

As the second largest bank in the US in terms of total assets, Bank of America also sais that the widespread adoption of cryptocurrencies and other innovations could require it to make some ‘substantial expenditures’ in order to update the existing services and remain competitive with the other firms.

“The widespread adoption of new technologies, including internet services, cryptocurrencies and payment systems, could require substantial expenditures to modify or adapt our existing products and services,” the bank said in the filing.

In the end, the final word is on Bank of America. However, right now it is more than clear that cryptocurrencies are a serious threat to their model.