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Bank of America’s strategist, Haim Israel, says that the metaverse is a massive opportunity for the use of cryptocurrencies.
In an interview with the Insider, published on Tuesday, he said that he expects the metaverse will take cryptocurrency mainstream.
Israel, the Bank of America’s managing director of research and a global strategist detailed:
“I definitely believe this is a massive, massive opportunity … You need the right platforms … that is definitely going to be a big opportunity for this entire ecosystem.”
The Bank of America executive said that “we’re going to start using cryptocurrencies as currencies” in the metaverse and this is where cryptocurrencies will finally become mainstream and widely used for transactions. Nevertheless, while existing cryptocurrencies might still be too volatile for this purpose, stablecoins could come to dominate.
Once the metaverse grows in interested and the use of cryptocurrencies in this new reality takes off, traditional payments firms will also become increasingly interested in crypto assets, Israel said:
“I see a lot of collaboration between the two.”
Last week, Grayscale Investments predicted that the metaverse is potentially a $1 trillion market.