According to the latest report by the Bank of America (BofA), the current crypto winter has not affected the interests of investors.
The report states, “Blockchain technology and the digital asset ecosystem are here to stay.”
The statement was concluded after a conversation with around 160 attendees of the Digital Assets and Web3 conference that occurred last week.
The bank remains optimistic as several speakers pointed out that it was during a harsh crypto market that the most innovative projects were built.
Attendees also pointed out that the painful market drop is “likely healthy for the ecosystem’s development over the long term.”
The report said, “Client engagement continues to grow and focus remains on the rapid development and disruptive nature of blockchain technology, despite falling token prices and headlines suggesting the ecosystem’s demise has arrived.”
Event participants talked about the necessity of a regulatory framework for digital assets, noting that it is critical for institutional and corporate engagement. This could ultimately speed up real-world use and result in mainstream adoption as consumer confidence in the sector increases.
The report mentions the fact that several major institutional investors and corporates remain on the sidelines due to lack of a comprehensive regulatory framework.
The BofA report said that it is easy to attract the first billion users to the crypto ecosystem. But the “next billion will likely require improved bridges between the fiat and crypto ecosystems and the creation of a crypto-native ecosystem, in which individuals are unaware of the applications that leverage blockchain technology.”
The bank believes that post internet, the blockchain technology is the most important software evolution. It also added that the emerging ecosystem of Web3 applications has the “potential to transform every industry.”