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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.”

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