Bank of America’s CEO Is Not Eager to Enter the Crypto
Brian Moynihan, the CEO and Chairman of Bank of America argues that his organisation is not losing out on anything by not participating in the cryptocurrency market.
Moynihan was questioned by Yahoo Finance anchor and editor-at-large Biran Sozzi on May 25 about whether he believed his business was losing out on the “next big thing” by not being more active in crypto during an interview at the WEF Annual Meeting in Davos.
After a “no,” Moynihan went on to explain why his bank is tightly regulated and so unable to go all-in on the cryptocurrency market. BofA should concentrate on what it does best, such as being a bank and promoting financial independence, according to him.
He said, Our main focus is on assisting Americans with their financial well-being. Only three years ago, we launched our life- and financial-planning tool, which now has four or five million users. People must learn how to use their money in a more productive way in order to improve their lives.
A banking industry veteran, Moynihan has been in charge of driving a substantial digital banking transition over the last 12 years as CEO.
Despite the crypto industry’s strong presence at the World Economic Forum, “heavy pessimism” towards digital currencies was highlighted by Yahoo Finance. The discussion was conducted in the middle of a market-wide crypto selloff, with Guggenheim’s Scott Minerd forecasting that $BTC may go as low as $8,000, according to the story.