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Bank of America: The Metaverse will Create Opportunity for the Crypto Industry

cryptoknowmics.com 02 December 2021 09:30, UTC

Haim Israel, Bank of America's contriver presumes, "The metaverse will initiate massive opportunities for the crypto industry." He also believes digital assets to be extensively employed for financial transactions. Having said that, private tokens are erratic & stable coins such as Tether (USDT) and USD Coin (USDC) are more likely to prevail.

Metaverse to Create Opportunity for the Crypto Industry- Bank of America

In an interview, the Managing Director and Global Strategist at Bank of America – Haim Israel claims, "I certainly believe this is an enormous, massive opportunity. You just get involved in the right platform, that'll certainly be a big opportunity for this entire ecosystem."

Even Israel foresees the metaverse as an opportunity and says, "we're going to start using cryptocurrencies as currencies." Nevertheless, existing digital assets like bitcoin, ether, etc, are too volatile for this role. Stablecoins are expected to survive as they're fastened to steady authorized currencies or precious metals.

Eventually, Israel assumes, "With cryptocurrencies' increased & global use in the metaverse, large tech companies will for sure enter the landscape." The term "metaverse" has been in fashion for a few months. The popularity boosted only after Mark Zuckerberg announced the rebranding of Facebook to Meta.

Expected to Reach $1trillion Market Value

Grayscale – the chief digital asset manager says, "The metaverse industry world is expected to be worth over $1 trillion; very soon."

The analysis also claimed, "The total number of metaverse wallets had quickly multiplied 10 times off in comparison to the beginning of last year. In 2021, the number increased to around 50,000."

Considering the latest data to be accurate, the overall market capitalization of Web 3.0 metaverse crypto networks is already touching $30 billion. However, the industry might emerge as an agitator for Web 3.0, ideally to Facebook's updating as Web 2.0.

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