The second largest bank by total assets, Bank of America, detailed in an annual report to the SEC that cryptocurrencies pose a threat to their business model. The bank detailed credit, liquidity, market, geopolitical, and operational risk factors moving into the future, but the threat of cryptocurrencies was a surprising addition to the list.
Bank of America to SEC: Cryptocurrency Creating Pressure To Lower Prices
In an annual report to the SECBank, Bank of America complained that cryptocurrencies pose a threat to their business model by pressuring them to lower prices.
