Bank of America predicts the metaverse will take cryptocurrencies mainstream.
Metaverse is the Buzzword
The strategist told Insider that he predicts cryptocurrencies will be widely used as currency in the metaverse.
Haim Isreal said, “I definitely believe this is a massive, massive opportunity.… You need the right platforms… that is definitely going to be a big opportunity for this entire ecosystem.”
Bank of America sees the same bullish potential in the metaverse as another giant financial institution: Morgan Stanley.
Morgan Stanley told its investors on Nov. 16 that the metaverse is the next big investment opportunity.
Stablecoins to power the Metaverse?
Israel adds that the existing cryptocurrencies are too volatile and expects some stablecoins to dominate the market.
Currently, players from the crypto ecosystem largely dominate the metaverse. Mainstream coins such as Bitcoin ($BTC), Ethereum ($ETH), Binance Coin ($BNB), and Solana ($SOL) are already widely accepted for settlement within the crypto space.
Uncertainty of the regulatory framework surrounding stablecoins may pose as a hurdle for institutional adoption.
Hype is not Slowing Down
The metaverse is generating a lot of interest. It is easy to attach value and opportunities to an online universe that mimics reality.
The current pandemic is accelerating the metaverse narrative as the next big thing. Socializing is becoming increasingly risky as more variants of the infectious virus are discovered.
Interests from traditional industries such as the banking and financial sector signal a shift from conventional perception.
Source : solana.news