A Shift in Banking: BofA Signals Openness to Cryptocurrency Transactions
The long-standing divide between traditional banking and the cryptocurrency sector may soon narrow, as Bank of America (BofA) CEO Brian Moynihan signals a willingness to integrate crypto payments into the U.S. financial system—provided regulators set clear guidelines.
Speaking at the World Economic Forum in Davos, Switzerland, Moynihan addressed the lingering question of whether banks will fully embrace cryptocurrency as a viable payment method.
“If the rules come in and make it a real thing that you can actually do business with, you’ll find that the banking system will come in hard on the transactional side of it,” Moynihan told CNBC during an interview.
The CEO compared crypto to existing payment methods, suggesting that if it gained regulatory approval, it could become as commonplace as Visa, Mastercard, or Apple Pay. He particularly highlighted the potential of stablecoins—cryptocurrencies backed by traditional assets like the U.S. dollar—to seamlessly integrate into the financial ecosystem.
“If it’s a stablecoin-type of dollar-backed crypto… and our consumers actually want to use it, we think there’s value there,” Moynihan said, hinting that such digital assets could serve as a bridge between crypto and conventional banking.
While Moynihan remained open to crypto as a payment tool, he was careful to separate it from Bitcoin’s role as an investment asset, calling it “really a separate question.”
A Changing Stance on Crypto
BofA’s evolving position on cryptocurrency marks a significant departure from its previous skepticism. For years, senior executives within the institution voiced concerns about crypto’s potential for illicit activities, labeling it the “antithesis” of transparency. The anonymity associated with crypto transactions, they argued, made it difficult for authorities to track bad actors.
Despite these concerns, BofA has been actively investing in blockchain technology. The bank has secured hundreds of blockchain-related patents, recognizing the technology’s ability to enhance efficiency, lower costs, and modernize financial systems.
“We have hundreds of patents on blockchain already,” Moynihan emphasized in Davos.
In 2021, BofA partnered with Paxos Settlement Service, a blockchain-powered platform designed to accelerate stock settlements. The technology reduced processing times from 48 hours to near-instantaneous transactions, positioning BofA among global financial giants such as Nomura Holdings and Credit Suisse in the push for faster payment solutions.
By 2024, the bank’s interest in crypto extended further. Merrill Lynch, BofA’s wealth management arm, added Bitcoin exchange-traded funds (ETFs) to its brokerage platforms for eligible clients. The move aligned with the broader trend of financial institutions increasingly engaging with digital assets.
Regulatory Hurdles and Industry Trends
The U.S. Securities and Exchange Commission (SEC) recently announced the formation of a crypto task force aimed at establishing a clearer regulatory framework. This initiative could provide the necessary guidance for banks like BofA to formally integrate crypto payments into their operations.
For years, America’s largest financial institutions approached crypto with caution, wary of its volatility and regulatory uncertainty. However, 2025 is shaping up to be a turning point, with a growing number of financial powerhouses embracing digital assets in ways that could redefine the market.
JPMorgan Chase, once a vocal critic of Bitcoin, has become a major player in blockchain and crypto innovation. The bank launched Kinexys, a platform designed to tokenize real-world assets and enable real-time foreign exchange settlements. Additionally, JPM Coin—JPMorgan’s stablecoin launched in 2019—now facilitates high-value institutional transactions, processing approximately $1 billion daily as of late 2023.
Meanwhile, BlackRock, the world’s largest asset manager, has taken a different approach to crypto adoption. The firm’s spot Bitcoin ETF, launched in early 2024, has rapidly grown into the largest of its kind. As of January 22, the fund holds 563,000 BTC, valued at over $59 billion.
A Future of Crypto-Enabled Banking?
While regulatory hurdles remain, BofA’s evolving stance on crypto payments reflects a broader shift in the financial industry. The integration of digital assets into traditional banking infrastructure is no longer a question of if—but when.
