BofA: Cryptocurrencies Will be Used for Payments in Metaverse Hathorn
Main page Opinion, US Market, Banking, Crypto Market, Metaverse

Cryptocurrencies will finally be used for payments in the metaverse, believes Haim Israel, Global Strategist and Managing Director of Research at Bank of America. In an interview with Business Insider, Israel said that the concept of virtual worlds represents a "massive opportunity" not only for business but for the cryptocurrency market itself.

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"You need the right platforms…that is definitely going to be a big opportunity for this entire ecosystem," Israel added.

While cryptocurrencies will have a chance to become currencies in the metaverse, Israel doubts that highly volatile assets would be used for everyday payments. Instead, other forms of digital currencies — like stablecoins — are likely to dominate, the BofA strategist says.

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He also doubted that virtual worlds developed by centralized IT giants like Meta, Microsoft or Apple will be fully user-owned or decentralized. As iHodl earlier reported, Kraken CEO, Jesse Powel, doubts that the nascent market of metaverses will get a monopoly company in the foreseeable future. The Kraken CEO said there will likely be multiverse, citing such big videogames such as "World of Warcraft" and "Diablo" as independent metaverses.

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