Bank of America (BAC) CEO Brian Moynihan embraced the digital money movement on Wednesday, saying his firm has more to gain than anybody from the booming trend of non-cash transactions.
We want a cashless society, Moynihan, who heads up the second largest U.S. bank, told attendees at Fortunes Brainstorm Finance conference.
He pointed out that more than half of all money transactions are already processed electronically, with the rise of cryptocurrencies, and payment systems like PayPal (PYPL), Zelle, and digital wallets.
The banking sector has already digitized, Moynihan said on Wednesday. The business has moved digitally and it will continue to move that way. Its just figuring out how to add the value.
https://finance.yahoo.com/news/bank-of-america-brian-moynihan-cashless-society-210717673.htmlIs this a hint that BAC is looking at crypto as not a competition but rather both ecosystems can exist together? Your thoughts.
There is not enough information to make reasonable conclusions out of the article. It might be, of course, that the guy is all supportive of innovations and stuff, but he does not say that he is against fiat or that he actually supports cryptocurrencies. Maybe he just wants the bank to make even more money on transaction and maintenance fees that customers pay, you know. In fact, it's actually very likely that he meant the latter, 'cause if you try to google his name and the word 'crypto', you get articles from 2018 when he said that this market is dangerous and should be regulated.