Bitcoin to hit 130,000 this year and big banks will have to accept crypto payments, says Bank of America CEO Brian Moynihan

Bank of America CEO Brian Moynihan has dropped in a rather interesting revelation, claiming that big banks like his, will soon have to accept cryptocurrencies like Bitcoin and Ethereum for major financial transactions in the near future.

Will US banks now allow crypto transactions?

This phenomenon will then lead to the increase in crypto demand across the US, and will extend to major parts of Europe and Asia. As of now, Bitcoin is priced just under $105,000 a token, but the finance expert is of the opinion that it could soon touch a whopping $130,000 in 2025 itself.

According to a Quartz report, the BofA CEO is of the opinion that if regulators permitted it, cryptocurrencies could soon be an ardent part of banking transactions, and the US banking industry would readily welcome this move with open arms in the near future.

Banks have avoided he crypto scene till now, but why?

American banks have mostly avoided allowing customers to indulge into crypto-based retail transactions until now. Even though their institutional trading and financial management wings have traded in the US stock markets for bitcoin ETFs, they have not brought in crypto transactions in the retain segment, especially citing concerns about criminals and fraudsters.

This has included the likes of JPMorgan Chase and Co., Bank of America, Goldman, among others. But, it is now looking like things could change soon.

FAQs:

How much is Bitcoin prices at this point?
Currently, Bitcoin prices stand at somewhere around $105,000 a token.

Is Bank of America led by Jamie Dimon?
Jamie Dimon is not related to the Bank of America. He is currently the chief executive at JPMorgan Chase and Co.