Bank of America admits cryptocurrency is threatening its business model

One of the world’s largest financial institutions admitted in its annual report that cryptocurrency is a looming threat to its business model. According to a report filed with the SEC by Bank of America: Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies. Increased competition may negatively affect our earnings by creating pressure to lower prices or credit standards on our products and services requiring additional investment to improve the quality and delivery of our technology and/or reducing our market share, or…

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