Bank of America (NYSE:BAC) is “all for Blockchain”

Bank of America (NYSE:BAC) is “all for Blockchain”

Bank of America (NYSE:BAC) is “all for Blockchain”

$BAC, $CME, $CBOE, $BTC

Wall Street and financial institutions have been extolling the benefits of “blockchain without Bitcoin” for a a few years.

Blockchain is the distributed ledger technology that underpins Bitcoin, but voicing  hesitation, or outright dismissal, of Bitcoin and other cryptocurrencies.

Then, at the end of Y 2017, when the price of Bitcoin, ether, litecoin, ripple and other digital coins rose to all-time highs.

The the big names; NASDAQ, CME, and Cboe opened Bitcoin futures, and the “blockchain but not Bitcoin” narrative quieted down.

Bank of America (NYSE:BAC)  is still saying it.

In an interview at the World Economic Forum in Davos, Switzerland, Bank of America  CEO Brian Moynihan was asked for his thoughts on Bitcoin.

He immediately turned to blockchain: “We have more patents, I think, than almost anybody in blockchain,” Mr. Moynihan said. “We believe in the idea of distributed ledgers, and smart contracts, and all the words you hear about that. We are developing stuff… But it’s not new concepts. The Registry of Motor Vehicles is a distributed ledger. We know who owns a car, we know who owns a house. The idea is that you can do it more electronically, and can do it across borders.”

Then Mr. Moynihan then turned to Bitcoin. “The question of an anonymous currency, that’s a policy question that people have to answer,” he said. “But the idea of digital movement of money, and blockchain, we are all for.

As for investors rushing to buy up coins in the hopes that their value will rise, in what Mr. Moynihan calls “the speculative side” of the crypto boom, “We can’t get in the middle of this,” he said. “We don’t trade it, we don’t have anything to do with it, because that’s really up to people to make that decision, we’re not going to participate in it.” He meant bitcoin, though he never used the word once in his answer.

The take-a-way: Bank of America is “all for” blockchain, but “not going to participate” in Bitcoin.

Symbol Last Trade Date Change Open High Low Volume
NYSE:BAC 32.13 24 January 2018 0.21 32.01 32.21 31.82 49,874,322
HeffX-LTN Analysis for BAC: Overall Short Intermediate Long
Very Bullish (0.58) Very Bullish (0.67) Very Bullish (0.54) Very Bullish (0.54)

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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