Bank of America (BofA), an American multinational investment bank, is planning to launch a new research team focused on cryptocurrencies, Bloomberg reports. Alkesh Shah, Founding Member, Data & Innovation Strategy Group at BofA, will lead the team, and report to Michael Maras, who leads currencies and commodities research globally.
"Cryptocurrencies and digital assets constitute one of the fastest growing emerging technology ecosystems," said Candace Browning, Head of Global Research for Bank of America.
BofA's activity on the cryptocurrency market comes after Cynthia Lummis, a US senator from Wyoming and bitcoin (EXANTE: Bitcoin) supporter, suggested that the cryptocurrency should be considered as a way to diversify retirement and long-term savings. The senator also revealed she owns about 5 BTC and that the first time she bought the cryptocurrency its price was around $330.
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