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Bank of America considers DeFi "potentially more disruptive than bitcoin"

“Bitcoin is the most talked about cryptocurrency, but Ethereum [blockchain] has more features, including more flexible decentralized finance (DeFi) hosting, than Bitcoin blockchain, according to Bank of America.


In their report on “Bitcoin's Dirty Little Secrets” released Wednesday, the second largest US lender has a lot to say about the largest cryptocurrency, such as that “there is no good reason to own BTC unless you see prices are going up” and that its environmental record is poor.


The bank also refers to central bank digital currencies as “kryptonite for crypto,” but it is intrigued by decentralized finance, which it says is “potentially more destructive than bitcoin.” The bank sees DeFi as a radical change in mainstream capital markets, but at $ 35 billion, it has a long way to go compared to mainstream finance.


DeFi refers to the fast-growing area of ​​blockchain-based automated trading and lending platforms that could eventually become a problem for banks, Wall Street firms and insurance companies. But not now, says the Bank.


"Credit creation is one of the key drivers of modern finance. DeFi is not doing anything like that yet," the report says.


Bank of America's view is very different from the forecast made by the largest US bank JPMorgan Chase last month that the rapid development of digital assets could pose an existential threat to traditional financial companies.

  • “DeFi has seen a lot of innovation among exchanges. The key factor here is that with a distributed ledger, many of the functions that are separate in fiat trading are performed on a chain, ”notes Bank of America.
  • DeFi services, from derivatives to asset management, were also cited as growth areas in the Bank of America report.
  • However, Bank of America has drawn attention to scalability issues, stating, “Ethereum may be more scalable than Bitcoin, but it also faces limitations on speed, block size, ether price, and so on.”
  • "DeFi, however, shows the opportunities [distributed ledger technology] offers for funding. We believe that one of the best differences from DeFi not being an intermediary is that mainstream finance is seizing these opportunities." .


19 March, 2021

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