Bank of America’s CEO on Crypto Integration
Bank of America CEO Brian Moynihan has now thrown his weight behind the idea of integrating crypto payments into the U.S. financial system — but only if regulators give the green light. Speaking at the prestigious World Economic Forum in Davos, Switzerland, Moynihan addressed a question that has long lingered over the industry — what would it take for banks to embrace crypto as a payment method?
“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,”
He explained how crypto could simply become another form of payment, like Visa, Mastercard, or Apple Pay, especially stablecoins backed by traditional assets.
Bank of America’s Journey with Crypto
Bank of America has not always been optimistic about crypto. For years, its executives voiced strong concerns about the technology. In 2018, Chief Technology Officer Cathy Bessant criticized crypto’s lack of transparency:
“As a payment system, I think it’s troubling because the foundation of the banking system is on the transparency between the sender and the receiver, and cryptocurrency is designed to be nothing of the sort.”
Since then, the bank’s stance has evolved. In 2021, Bank of America began experimenting with the Paxos Settlement Service to reduce trade settlement times. By 2024, the bank added Bitcoin exchange-traded funds to its brokerage platforms for eligible wealth management clients.
How U.S. Institutions Are Stepping Into Crypto
Other U.S. financial institutions are also embracing crypto. JPMorgan Chase and BlackRock have pioneered blockchain-based solutions and launched their own stablecoins and Bitcoin ETFs. These initiatives show a growing institutional interest in crypto.
Decoding the Probable Impact
If regulators approve crypto integration into banking, the U.S. financial system could undergo a significant transformation. Bank of America’s robust blockchain infrastructure, backed by hundreds of patents, positions it as a leader in this space.
Stablecoins processed $10.8 trillion in transactions in 2023, with $2.3 trillion coming from consumer payments and business transfers. Crypto could reduce fees and delays for everyday transactions and cross-border payments.
Additionally, crypto payments could help address financial exclusion. Over 19 million U.S. households remain unbanked. With just a smartphone and internet connection, crypto offers a viable alternative.
