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Brian Moynihan, the Chairman and CEO of Bank of America (BofA), says that his company is not missing out by avoiding the crypto industry.
On May 25, during an interview at the World Economic Forum (WEF) Annual Meeting in Davos (Switzerland), Moynihan was asked by Biran Sozzi, anchor and editor-at-large at Yahoo Finance, whether he felt like his company was missing out on the “next big thing” by not being more aggressive in crypto.
Moynihan replied “no” before explaining that his bank is heavily regulated and prevented from making all-in moves on the crypto industry. He argued that it was more beneficial for BofA to focus on what it already does well, including being a bank and encouraging financial freedom.
He said,
Our big thing is helping consumers in America have a successful financial life. Our life plans, financial planning tool— four or five million users— only started three years ago. That’s what you need to do, is get people to learn how to make their money work more for them to help in their lives.
Moynihan, a banking industry veteran, has been responsible for pushing a major transformation in digital banking during his time as CEO over the last 12 years.
As reported by Yahoo Finance, the World Economic Forum featured “heavy skepticism” towards digital currencies, despite the crypto industry’s robust appearance at the event. The report noted the forum was held in the midst of a market wide selloff for crypto, with Guggenheim’s Scott Minerd predicting that $BTC could fall as low as $8,000.
Featured Image by “mohamed_hassan” via Pixabay.com
