Bank of America, one of the largest institutions in the US, focused on Blockchain technology and applications working on this technology in its latest research report. Bank of America, in its report, stated that these technologies have value and denied the claims to the contrary.
Blockchain Report From Bank Of America
Bank of England Governor Andrew Bailey repeated his negative thoughts about cryptocurrencies in his speech to Parliament. Bailey said that crypto has “no real value.”
Bank of America (BAC) stated in a research report that Blockchain and the applications that run on it have real value, rejecting claims to the contrary.
The Ethereum Blockchain generated about $3.9 billion in transaction fees this year and about $9.9 billion in 2021. According to the report released last Friday, last year’s total was 1,558 percent more than the previous year.
Bitcoin Blockchain has generated around $93 million in transaction fees from the start of the year, compared to about $1 billion in the full last year. Bank of America notes that transaction fees on the Ethereum network have dropped year-on-year as owners have not moved or moved their assets in recent months.
The bank said Ethereum transaction fees had been falling year-over-year as investors withdrew. Bank of America stated that it cannot yet predict cash flows or Blockchain due to the unpredictability of the nascent industry.