The chief operating officer of Bank of America is now reportedly open to the idea that Bitcoin (BTC) could be a store of value asset.
Market Insider reports that during a conference hosted by crypto insights firm Chainalysis on Thursday, Tom Montag said he doesn’t view crypto as a threat to the banking industry.
“I don’t view it as competition at all. I view it as just another asset class… and people like it for all sorts of different reasons.”
The executive also said that he doesn’t fully understand the concept of stablecoins, and finds himself wondering if each one is actually backed by a dollar. However, he added that he’s now open to BTC potentially being a store of value.
“I came around to how this could have value as a global store of value. It’s hard to appreciate the importance of that as an American when you’re used to having a stable currency.”
Last month, Bank of America released research detailing what it saw as an explosion of new potential coming from the blockchain and digital asset space. The financial giant suggested that the nascent industry was only in the early innings of a 30-year mainstream adoption process.
“It’s difficult to overstate how transformative blockchain technology, digital assets, and the thousands of decentralized apps that have yet to be created could potentially be.
We expect rapid changes to the current market structure – new use cases will be discovered and others will be discarded.”
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Featured Image: Shutterstock/Pavel Chagochkin
