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Bank of America chief strategy officer Haim Israel sees the metaverse as an opportunity for the crypto industry and believes it will push the cryptocurrency universe to another level.
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Bank of America strategist Haim Israel believes the metaverse will create huge opportunities for Blockchain technology. He says it will also see digital assets become widely used for financial transactions.
However, he adds that private tokens are too volatile and that stablecoins like Tether (USDT) and USD Coin (USDC) are more likely to prevail, he said.
Metaverse: opportunity
In an interview with Maker Insider, Bank of America chief executive and global strategist Haim Israel described the metaverse as the tool that will propel the cryptocurrency industry towards mass adoption if certain conditions are met:
“I really think it’s a great opportunity. You need the right platforms… which will certainly be a great opportunity for this whole ecosystem ”.
Israel too predicts that the metaverse is where “We are going to start using cryptocurrencies as currencies”. However, he considers existing digital assets like Bitcoin, Ether, and others to be too volatile to fulfill this role. As such, he believes that stablecoins are likely to prevail as they are pegged to fiat currencies or precious metals, which tend to fluctuate much less.
Likewise, Israel believes that if cryptocurrencies are widely used in the metaverse, big tech companies will come into the picture.
Likewise, the bank’s strategist predicts that traditional payments companies will be much more interested in cryptocurrencies, if they are widely used in the metaverse. “I see a lot of collaboration between the two,” he said.
Trendy metavers
As we know, the word metaverse was only known in small circles, but it was after Mark Zuckerberg’s announcement of the rebranding from Facebook to Meta, with an emphasis on the metaverse, that all the media came together. are set to talk about this new digital universe. Put simply, the metaverse is a virtual world where people can play, socialize, work, build things and even trade and earn crypto assets, sums up Cryptopotato.
According to a report from leading digital asset manager Grayscale, the global metaverse industry could soon be worth more than $ 1,000 billion. Additionally, he said the opportunity for the space extends far beyond games and touches industries such as advertising, digital events, social commerce, hardware, and developer / creator monetization.
Sources : Marker Insider, Cryptopotato, archives
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