Bank of America (BofA) has reported that a list of 20 publicly traded United States companies with some level of exposure to crypto and digital assets.
It has been reported that according to a BofA report, companies like Morgan Stanley, Signature Bank, and Warner Music Group also have some exposure to digital assets.
However, in all, the 20 firms identified by BofA have their stocks rated as either “Buy” or “Neutral” by America’s second-largest bank by assets under management. As part of the report, BofA categorized these companies as seeking significant market value growth by interacting with digital assets.
The report said that BofA’s recently published document offered a bullish outlook for cryptocurrencies, including nonfungible tokens (NFTs) and decentralized finance (DeFi).
Likewise, BofA also argued that the digital asset space could not be ignored for long and that decentralized technology will continue to permeate several aspects of human life.
The report stated:
“In the near future, you may use blockchain technology to unlock your phone; buy a stock, house or fraction of a Ferrari; receive a dividend; borrow, loan or save money; or even pay for gas or pizza.”
BofA identified regulatory uncertainty as one of the biggest near-term hurdles for the nascent digital asset space. Crypto laws continue to remain a focus of regulatory agencies around the world with a mixed bag of favorable and stringent measures being adopted by financial watchdog agencies across several jurisdictions. In the United States, several policymakers have called for more robust crypto regulations that critics say could stifle innovation in America.
Thus, the banking giant also used the occasion of the report’s publishing to launch its digital asset research division.