Brian Moynihan, CEO of Bank of America, said banks are ready to allow cryptocurrency payments as soon as regulators allow it. Moynihan made the statement in light of President Donald Trump’s pro-crypto stance, according to a CNBC report.
“If the rules come into effect and make this a real thing that you can actually do business with, you will find that the banking system will be hit hard from a transactional point of view,” Moynihan said at the World Economic Forum in Davos. Swiss.
Traditionally, banks have been averse to cryptocurrencies, although some have activated Bitcoin ETFs. Sullivan Bank allows customers to hold cryptocurrencies through Bakkt Holdings’ Crypto Connect service. Other major bank CEOs, like JPMorgan Chase’s Jamie Dimon, have said bitcoin is a criminal tool.
Moynihan added that the bank already has “hundreds of patents on blockchain, we know how to get into this area.”
The value of Bitcoin has exploded over the past few months, currently sitting at $104,578 at the time of writing.
