Bank of America strategist says metaverse is a massive opportunity for crypto

• BofA strategist Haim Israel says the metaverse abstraction volition spot wide usage of cryptocurrencies successful transactions wrong the virtual worlds being developed by the likes of Meta.

• He notes that with “right platforms” needed to enactment the metaverse, crypto arsenic a full has a monolithic accidental for further growth.

Bank of America strategist Haim Israel believes the metaverse offers a monolithic accidental for cryptocurrencies, noting that the detonation successful involvement successful virtual worlds and the contention to spot it developed provides a large springboard for crypto platforms.

He besides notes that it’s going to beryllium immense for cryptocurrencies arsenic metaverse users would request integer assets for transactions.

The BofA researcher, who besides heads the bank’s thematic concern department, said this successful an interrogation with the Insider.

He told the work that the metaverse volition request to person the close platforms successful place, a script helium predicts could spot the full cryptocurrency ecosystem deed different level of development.

"I decidedly judge this is simply a massive, monolithic opportunity," Israel said.

According to him, it is the metaverse that volition spot radical statesman to truly usage crypto arsenic currencies; an eventuality that means immoderate cryptocurrencies volition person a large ecosystem successful which to dominate.

While galore integer assets linked to the metaverse person soared successful worth implicit the past respective weeks, the Bank of America strategist says these are apt excessively volatile to beryllium used. As such, helium predicts the abstraction mightiness spot stablecoins instrumentality the precocious hand, helium added.

Israel besides sees immoderate of the existing payments firms instrumentality a keen involvement successful crypto arsenic their usage successful the metaverse increases. He opined that it could beryllium different accidental for these companies to grow, noting that wide usage of integer currencies successful the virtual worlds would thrust companies towards much partnerships.

Several large companies, including Meta, Google, Microsoft and Apple are each eyeing the metaverse ecosystem, an manufacture Grayscale Investments precocious said could soon spike to a $1 trillion sector.