Copy link
Increase text size
Decrease text size
Link copied

Metaverse could help push crypto’s widespread adoption for transactions, says BofA

However, existing cryptocurrencies like Bitcoin (BTC) or Ether (ETH) might be too volatile for this role allowing stablecoins to dominate the metaverse.

Image by: Wikimedia Commons

Fri, 03 Dec 2021, 14:04 pm UTC

A growing number of investors have already adopted Bitcoin as a store of value and as a hedge against rising inflation. But a Bank of America executive predicted that the metaverse could be the catalyst to spur crypto’s adoption for transactions as well.

Haim Israel, Bank of America’s head of global thematic investment strategy, believes that the metaverse will drive a boom in the crypto space as the competition to create virtual-world platforms heat up. “I definitely believe this is a massive, massive opportunity,” Israel told Insider Tuesday. “You need the right platforms… that is definitely going to be a big opportunity for this entire ecosystem.”

The strategist said that the metaverse is where “we’re going to start using cryptocurrencies as currencies.” At the moment, investors make up a big chunk of crypto transaction volume who view crypto as a store of value or speculative investment.

Israel believes that the metaverse could spur people to finally start using crypto widely for transactions. However, existing cryptocurrencies like Bitcoin (BTC) or Ether (ETH) might be too volatile for this role allowing stablecoins to dominate the metaverse.

The metaverse’s potential has already caught the eyes of some of the biggest players in the financial world. For instance, Morgan Stanley analysts said that the metaverse could transform the way people watch performances, engage with brands, socialize, and trade or speculate in digital assets such as non-fungible tokens (NFTs).

Meanwhile, leading crypto asset manager Grayscale expects the metaverse’s annual economy could soon balloon to more than $1 trillion. “The market opportunity for bringing the Metaverse to life may be worth over $1 trillion in annual revenue and may compete with Web 2.0 companies worth ~$15 trillion in market value today,” Grayscale said. “This potential has attracted companies like Facebook to pivot towards the Metaverse, which may serve as a catalyst for other Web 2.0 tech giants and investors to follow.”

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

  • PUBLISH (NEWS) $0.000617 (+0.85%)
  • Bitcoin (BTC) $26,587.30 (+1.22%)
  • Ethereum (ETH) $1,629.06 (+1.64%)
  • Tether USDt (USDT) $0.999455 (0.00%)
  • BNB (BNB) $213.73 (+0.20%)
  • XRP (XRP) $0.501258 (-0.36%)
  • PUBLISH (NEWS) $0.000617 (+0.85%)
Jul 15, 2021 (Thursday)
13:30
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.