According to a top official at Bank of America, the Metaverse could help the crypto industry gain traction.
In a recent interview, Haim Israel, a strategist at Bank of America, stated that the new buzzword in the crypto space, Metaverse, holds a lot of potential for the crypto industry and could be the niche that drives global adoption of the space.
Bank of America sees enormous opportunities in the metaverse.
According to Israel, the metaverse would open up a huge opportunity for blockchain technology, potentially leading to the use of crypto assets in mainstream financial transactions. He did, however, add that stablecoins such as Tether and USDC would be more popular than private tokens, which are highly volatile.
In his own words:
“I absolutely believe this is a huge, massive opportunity.” You’ll need the right platforms… which will undoubtedly be a huge opportunity for this entire ecosystem… We’ll start using cryptocurrencies as currency.”
The strategist went on to say that he expects large traditional financial institutions to enter the space once crypto assets gain widespread adoption and usage in the metaverse. He stated that “a lot of collaboration between the two” would take place.
What’s the big deal about “Metaverse?”
The term “Metaverse” has recently piqued the interest of crypto enthusiasts and the general public, following Facebook’s announcement that it was changing its name to “Meta” and refocusing its business into the space.
This rebranding by the top social media platform has piqued the interest of the broader tech community in the space’s limitless potential.
Grayscale stated in one of our previous reports that the metaverse has the potential to become a $1 trillion industry. A number of institutional and retail investors from around the world have already begun to invest in projects in the space.
DappRadar confirms this in its own report, revealing that metaverse-related projects have recently received a lot of attention. According to the report, virtual properties such as lands and real estates have earned more than $100 million in the last seven days.