Recently, Bank Of America admitted crypto currency is one of it's biggest threats. During the bank's annual filing, Bank of America expressed crypto's innate ability to hinder anti money laundering laws. The bank also said the emerging crypto market has become A competitive force, which requires the company to spend more money.
Crypto currency was mentioned multiple times in the bank's filing this year. One major point brought up in the document, is a fear that crypto will make it harder to track money. This news coming soon after last week's banning of crypto purchases with credit cards by the bank.
It is clear bank of america and A few other established financial institutions, are being moved by the recent crypto wave. Some experts say the biggest waves are yet to come, the same can be said for big banks posturing.
