The Bank of America, which is the second-largest bank in the United States, supported Bitcoin, saying that the digital currency market is still at an early stage of development and can transform the structures of the financial market over the next 30 years.
In a report published on Monday, Bank of America analysts said that with a market capitalization of more than two trillion dollars and hundreds of millions of worldwide users, the cryptocurrency market has become too big to ignore.
They added that the market value of the entire digital currency ecosystem exceeds the GDP of Canada, which is part of the Group of Seven, which represents the seven largest economies in the world. Bank of America said it is positive about the long-term prospects of cryptocurrencies.
On Wednesday, Bitcoin rose to its highest level in the last six months due to news that a hedge fund controlled by billionaire investor George Soros is trading the main cryptocurrency.
Despite the fact that Bitcoin will continue to dominate the digital currency market, analysts noted that the crypto economy is more than just one asset.
And although the market's growth potential seems almost limitless, Bank of America pointed out some growing risks. Analysts believe that short-term government regulations pose the most serious problem.
Regulatory uncertainty is a risk, but as soon as the regulation is established, the number of investors will increase for a long time.