Bank of America: Cryptocurrencies outperformed stocks in the Fed-initiated recession

Then, in the summer of 2021, the bank was rumored to have formed a cryptocurrency research team. That shift in sentiment intensified a few days later when news broke that Bank of America had launched a bitcoin futures trading facility.

In October of the same year, the bank dropped the ball (six months after bashing Bitcoin). In another paper on the digital asset at the time, Bank of America researchers called BTC "important" and the industry as a whole "too big to ignore.

Since then, the bank has praised more networks and their own local currencies, such as Solana and Chainlink.