Bank of America’s strategist believes that the metaverse offers a huge opportunity for cryptocurrencies to be widely used as currency. He stated that he believes this to be a huge, massive opportunity.

Bank of America’s Metaverse Prediction

Haim Israel, the strategist at Bank of America, said Tuesday to the Insider that the metaverse presents a huge opportunity for blockchain technology. He also expects cryptocurrency to become mainstream.

Israel, Bank of America’s managing Director of Research and Global Strategist, is Israel. He also heads the global thematic research group at Bank of America Merrill Lynch. He detailed:

I believe that this is a huge opportunity. You need the right platforms. This is going to be an enormous opportunity for this ecosystem.

A Bank of America strategist predicted the metaverse as “where we’re going to begin using cryptocurrency as currencies.” He emphasized that this will be where people will finally use cryptocurrencies extensively for transactions.

However, the director for research believes that existing cryptocurrency are too volatile to serve this purpose and expects some stablecoins will take over.

The metaverse was the focus of much media attention after social media giant Facebook changed its name from Facebook to Meta in October. A parcel of real estate on virtual reality platform Decentraland was recently sold for $2.4 million and Republic Realm paid $4.3 million for a property in The Sandbox metaverse on Tuesday.

A Bank of America strategist predicted that traditional payment companies would be more interested in cryptocurrency if it becomes widely used in the metaverse. He stated that he saw a lot more collaboration between the two.

Earlier this month, global investment bank Morgan Stanley said that the metaverse is the next big investment theme. Last week, Grayscale Investments published a report stating that the metaverse is potentially a $1 trillion business opportunity.

Do you agree with Bank of America’s strategist about the metaverse? Please let us know your thoughts in the comments below.

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