Analysts at Bank of America have reported that concerns about the cryptocurrency winter have not dampened investor interest in the sector.
They have come to this conclusion after talking to 160 of the bank's clients who participated in a conference dedicated to the Web3 industry. Respondents expressed confidence that "blockchain technology and digital assets will not disappear".
Some speakers recalled the most innovative projects have come out of previous market slowdowns. They have added the low points in the cycle are "likely to be beneficial for the long-term development of the ecosystem."
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According to the report, "customer engagement continues to grow. The focus remains on the rapid development and disruptive nature of blockchain technology."
The BofA believes regulatory clarity is critical for corporate and institutional outreach. Removing barriers will lead to mass adoption as consumer confidence in the sector grows.
Currently, many participants are holding back from taking active steps until a comprehensive regulatory framework is in place.