Bank of America Compares Bitcoin to Internet

Bank of America likens Bitcoin’s long-term potential to the early days of the internet, citing transformative power, adoption trajectory, and innovation impact

Bank of America (BoA) has recently compared Bitcoin (BTC) and once-in-a-lifetime inventions, including the printing press, electric vehicles, and the internet.

The comparison illuminates the increasing influence of BTC in global finance. The previously shunned asset has finally made its way into the mainstream.

Bitcoin is poised to dominate the global financial systems.
In recent years, there has been a significant increase in the adoption of BTC.

The original cryptocurrency is one of the most successful assets of the past fifteen years. BTC has even outperformed key tech stocks and commodities.

Global financial institutions were able to access the expanding asset class due to the sanction of spot Bitcoin ETFs last year. Also, BlackRock, the world’s largest asset manager, has gradually increased its BTC holdings.

BlackRock CEO Larry Fink’s assessment of the US dollar also indicates the increasing influence of Bitcoin (BTC). Fink stated in a letter to shareholders that the US dollar may not be the future dominant currency in global reserves.

Fink thinks that other currencies or digital currencies, such as Bitcoin, could assume a prominent position in the future.

Recent Price Changes

On May 22, Bitcoin (BTC) reached an all-time peak of $111,814. Since its apex in May, the price of BTC has experienced a significant decline. The asset is down 1.3% on the daily charts, while on the weekly charts, it is down 3.5%.

Despite the correction, BTC has shown a 0.2% increase in the 14-day charts, a 1.6% increase over the previous month, and a 60.2% increase since June 2024.

The adoption of Bitcoin (BTC) is anticipated to increase in the years ahead. Digital asset reserves have been established by countries such as the United States to establish a leadership position in the digital sector.

The asset price is expected to increase significantly as adoption increases. Analysts themselves anticipate that the cost of BTC will surpass the seven-digit threshold.