2025-1-24 20:46 |
As the new Trump administration takes the reins in Washington, global banking giants have expressed optimism about expanding their crypto businesses.
Notably, the pro-crypto stance of President Trump, coupled with regulatory shakeups such as Gary Gensler’s exit as SEC chair, has set the stage for a transformative era in financial innovation.
In a Tuesday interview with CNBC, Bank of America CEO Brian Moynihan offered insights into the evolving landscape. When asked by Squawk Box’s Andrew Ross about the bank’s stance on cryptocurrency under the new administration, Moynihan highlighted the potential for digital assets to integrate into traditional financial systems.
“If the rules come in and make it a real thing you can actually do business with, you will find the banking system will come in hard on the transactional side of it because we have to,” he said, emphasizing that regulatory clarity would be pivotal for the industry’s adoption of digital currencies like Bitcoin and XRP.
Moynihan also acknowledged that Bank of America has been preparing for such a shift. “We have hundreds of patents,” he noted, hinting at the bank’s readiness to deploy innovative solutions for crypto transactions. However, he stopped short of fully endorsing cryptocurrencies as an alternative to traditional fiat currencies, stressing the importance of maintaining a strong U.S. dollar. “We need a strong U.S. dollar. It is good for our country,” Moynihan stated while framing Bitcoin and other cryptocurrencies as additional options in the broader payment ecosystem.
In a separate interview with the station, billionaire investor and Bridgewater Associates founder Ray Dalio underscored the importance of diversification, highlighting gold and Bitcoin as potential hedges against economic risks. However, Dalio, who previously disclosed owning a small amount of Bitcoin, was cautious about its viability as a reserve asset.
“At $14,000, no, I wouldn’t. Personally” Dalio explained when asked about allocating 10% to Bitcoin. “I don’t view Bitcoin as a central bank reserve asset or something governments would adopt right now, though that could change if strategic Bitcoin reserves become a reality.”
Elsewhere, Robin Vince, CEO of $2 trillion banking giant BNY Mellon, expressed optimism about the crypto market during an interview with Yahoo Finance. He noted the potential for digital assets to revolutionize the financial system over the next two decades.
“Digital assets represent a new, interesting, innovative technology, and we’ve been investing in custody capabilities and exploring smart contracts,” Vince remarked.
That said, as the Trump administration signals a friendlier regulatory environment for cryptocurrencies, it will be interesting to see how the next 12 to 24 months unfold in terms of crypto’s adoption within traditional finance.
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