Bank of America finally admits to what blockchain enthusiasts have known for a long time.

From the CoinTelegraph article by William Surburg:

Bank of America (BoA) has admitted to United States regulators that it may be “unable” to compete with the growing use of cryptocurrency.

In its annual report to the Securities and Exchange Commission (SEC) this week, filed February 22, the major American bank for the first time highlights cryptocurrency as an area that may cause it “substantial expenditure” as it tries to remain competitive.

“This can reduce our net interest margin and revenues from our fee-based products and services. In addition, the widespread adoption of new technologies, including internet services, cryptocurrencies and payment systems, could require substantial expenditures to modify or adapt our existing products and services[.]”

Read the full piece below.

https://cointelegraph.com/news/bank-of-america-our-inability-to-adapt-could-see-a-failure-to-compete-with-crypto

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