Bank of America CEO sees $500B opportunity in crypto payments

Bank of America (BoA) CEO Brian Moynihan has expressed optimism about the potential for U.S. banks to adopt cryptocurrency payments, contingent upon the establishment of clear regulatory frameworks.

In an interview with CNBC at the World Economic Forum in Davos, Moynihan stated that if regulations make crypto payments “a real thing,” the banking system would engage robustly in this area.

He emphasized that cryptocurrencies could become just another payment method alongside traditional options like credit cards and digital wallets.

“We have hundreds of patents on blockchain already; we know how to enter the field,” Moynihan noted, highlighting BoA's preparedness for entering the crypto space.

Despite this readiness, the current lack of uniform regulations has hindered banks from fully embracing cryptocurrencies for everyday transactions.

Moynihan pointed out that while banks have been cautious, they are actively involved in institutional trading and wealth management concerning digital assets.

The CEO mentioned that the banking sector is waiting for clearer signals from regulators before making significant moves into cryptocurrency payments.

“If the rules come in and make it a real thing that you can actually do business with, you will find that the banking system will come in hard on the transactional side of it,” he explained.

The anticipated regulatory guidance is expected to emerge under President Donald Trump’s administration, which has signaled a more favorable stance toward digital currencies.

Moynihan also acknowledged that many industry leaders are eager to see regulations that facilitate legitimate business operations within the crypto space.

He added that there is considerable interest among banks to explore crypto-related services, contingent on regulatory clarity.