Bank Of America Reveals Cryptocurrency With High Chance To Use In Metaverse

Bank of America assesses crypto's potential for widespread use in metaverse (Comparitech)

JAKARTA – Recently, a strategist from Bank of America mentioned that cryptocurrencies have great potential to be used in the metaverse space. The statement was made by Haim Israel regarding cryptocurrencies that will become mainstream in the metaverse.

According to Business Insider, Haim Israel is a research director at Bank of America and a global strategist. Israel also heads the global thematic research team at Bank of America Merrill Lynch.

“I believe this is a very big opportunity … you need the right platform … which will definitely be a huge opportunity for this whole ecosystem,” Israel said.

Haim Israel predicts that cryptocurrencies and the metaverse will be intertwined. He mentioned that the metaverse would be a place where people “use cryptocurrencies as currency.” In the end, the metaverse is where cryptocurrency is used as a medium of exchange.

On the other hand, he also believes that crypto is too volatile to be used as a currency. Therefore, to realize this goal, a number of stablecoins are needed as a transaction tool.

Since Facebook changed its name to Meta some time ago, the metaverse suddenly became a boom. This decision played a major role in the skyrocketing price of metaverse cryptocurrencies such as The Sandbox (SAND) and Decentraland (MANA).

Recently, a plot of real estate in the virtual world of Decentraland reportedly sold for US$2.4 million (around Rp. 34.5 billion). In addition, Republic Realm also bought a property in the metaverse of The Sandbox for 4.3 million US dollars (Rp 61.8 billion) on Tuesday.

Haim Israel believes that traditional payment companies will be more interested in cryptocurrencies if they are used massively in the metaverse. “I see a lot of collaboration between the two (metaverse and cryptocurrency),” Israel said.

In early December, major investment banks such as Morgan Stanley mentioned that the metaverse is the next investment theme. Meanwhile, Grayscale Investments revealed that the metaverse has great potential to become a $1 trillion business opportunity.