Key Takeaways
- Bank of America is open to Bitcoin payments if regulations allow.
- The company holds hundreds of patents on blockchain technology.
- Brian Moynihan sees Bitcoin as an additional payment option, like Visa or Apple Pay.
Bank of America CEO Brian Moynihan stated that the U.S. banking industry is prepared to embrace Bitcoin payments if regulatory clarity allows it.
Speaking at the World Economic Forum in Davos, Switzerland, Moynihan highlighted the industry’s readiness to adapt, provided the rules enable secure and legitimate transactions.
Moynihan said during an interview with CNBC’s Andrew Ross Sorkin:
If the rules come in and make it a real thing that you can actually do business with, you’ll find that the banking system will come in hard on the transactional side of it.
Current banking landscape
Currently, American banks have largely stayed away from Bitcoin for retail transactions, though some have engaged in institutional trading and Bitcoin ETFs.
Moynihan noted that Bitcoin could be integrated as a payment method alongside existing systems like Visa, Mastercard, and Apple Pay.
Technology preparation
Bank of America has positioned itself to leverage blockchain technology, with hundreds of related patents already in its portfolio.
However, Moynihan avoided discussing Bitcoin’s role as an investment, noting;
It’s really a separate question.
Political context
This comes amidst President Donald Trump’s apparent support for digital currencies, potentially signaling a shift in U.S. financial policy toward Bitcoin.
