Bitcoin Threatens Bank of America’s Business Model

The rise of Bitcoin threatens many companies. According to the report from SEC, Bank of America has acknowledged a range of threats that could affect its harmony. Not surprisingly, one of them is cryptocurrency.

On the other hand CEOs of large payment systems, such as Paypal and Visa may have been monitoring the rise of cryptoccurrencies, but it’s not making a problem to solve for them.

Bank of America mentioned cryptocurrencies too many times in it’s annual report to the U.S. Securities and Exchange Commission, SEC. It’s written: ““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.”

Bank of America recorded a revenue of $87 billion with it’s 200,000 employees last year. The company basically explains the threat coming from cryptocurrency by reporting: “We face significant and increasing competition in the financial services industry. Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies.”

We have reported before that the Bank of America has filed more cryptocurrency patents than any other company. So basically as one of the America’s largest companies, the BoA is not scared of crypto but understanding that they need to adapt to it.

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