Is this a hint that BAC is looking at crypto as not a competition but rather both ecosystems can exist together? Your thoughts.
I think his hint is that he doesn't mind the direction of the world as in digital money that will be taking over.
The main thing here is that banks won't go away despite a lot of people here thinking they will. Banks can easily adapt to the changed money climate, and they are faster than we are in doing so. In the end, it doesn't really matter what form of money we're using, they just want to make sure they can be part of it and charge fees in the process.
I see a time where banks will be the main entry points to crypto for people. It's convenient, you don't have to wire money to foreign bank, and KYC/AML isn't necessary because your bank has all your information already. I'm sure they'll throw in insurance as well as extra service.
I agree with you on all the things you've said especially the KYC and AML. People will technically abide by the law and not think about anything except if they are paying their taxes.
CEO of Bank of America could've seen wonders on the current situation of blockchain technology.