Bank of America strategist says metaverse has huge potential for crypto space

In a recent interview, Haim Israel, a strategist at Bank of America, stated that the latest term in the crypto field, Metaverse, has a lot of potential for the crypto sector and might be the niche that drives global acceptance.

According to Israel, the metaverse would open up a huge market for blockchain technology, potentially leading to the adoption of crypto assets in normal financial activities. 

He did add, though, that stablecoins like Tether and USDC would be more popular than private tokens, which are extremely volatile.

“I truly believe this is a once-in-a-lifetime opportunity, you’ll need the correct platforms… that’ll be a huge opportunity for the entire ecosystem… We’ll start using bitcoins as a form of payment,” Israel said.

The expert went on to say that as crypto assets receive wider awareness and usage in the metaverse, he expects huge traditional financial companies to enter the field. “There will be a lot of coordination between the two,” he said.

What’s the big deal about ‘Metaverse?’

After Facebook announced that it was changing its name to “Meta” and focused its operations on the area, the term “Metaverse” has attracted the curiosity of crypto fanatics and the general public.

The leading social media platform’s makeover has piqued the interest of the broader tech world in the space’s boundless possibilities.

Grayscale claimed in one of our previous publications that the metaverse has the potential to become a $1 trillion industry. 

A number of institutional and retail investors from around the world have already begun to invest in space-related initiatives.

In its own research, DappRadar confirms this, stating that metaverse-related projects have recently received a lot of attention. Virtual properties such as lands and real estates have made over $100 million in the last seven days, according to the study.

 

Image courtesy of Cointelegraph News/YouTube

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