Bank of America Sees Huge Potential in the Metaverse

According to a strategist at Bank of America, the metaverse is a big potential where cryptocurrencies will be extensively utilized as currency. “I definitely believe this is a massive, massive opportunity,” he remarked.

Haim Israel, a strategist at Bank of America, told the Insider on Tuesday that the metaverse represents a big potential for blockchain technology. Furthermore, he believes it will help to mainstream cryptocurrencies.

Israel is the managing director of research at Bank of America and a worldwide strategist. He is also the head of Bank of America Merrill Lynch’s worldwide theme research unit. He elaborated:

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 analyst projected that the metaverse is where “we’re going to start utilizing cryptocurrencies as currencies,” underlining that it is where people would ultimately begin to use cryptocurrencies broadly for commerce.

The director of research, on the other hand, feels that present cryptocurrencies are likely to be too volatile for this purpose, and that some forms of stablecoins will come to dominate.

When Facebook changed its name to Meta in October, it drew a lot of attention to the metaverse. On the virtual reality platform Decentraland, a tract of real estate 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 analyst also predicted that if cryptocurrencies become extensively utilized in the metaverse, established payment businesses would be considerably more interested in them. “I see a lot of teamwork between the two,” he suggested.

Morgan Stanley, a worldwide investment firm, stated earlier this month that the metaverse is the next big investing trend. Grayscale Investments produced a paper last week claiming that the metaverse might be a $1 trillion commercial opportunity.

Patrick

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