Haim Israel, a Bank of America strategist, believes that the metaverse will offer huge opportunities for blockchain technology. This will allow digital assets to be widely used for financial transactions.
He said that private tokens can be too volatile and that stablecoins such as Tether (USDT), and USD Coin (USDC), are more likely to win.
The Future Is The Metaverse
Haim Israel, Bank of America’s Managing Director and Global Strategyr, described the metaverse in a recent interview as the tool that will propel the cryptocurrency industry to mass adoption if certain conditions were met.
“I believe that this is a huge, massive opportunity. The right platforms are essential… they will be a huge opportunity for the entire ecosystem.”
Israel also predicted that the metaverse would be where “we will start using cryptocurrency as currencies.” However existing digital assets like bitcoin, ether and the rest are too volatile for this role. Stablecoins are likely to prevail because they are tied to fiat currencies and precious metals that tend to fluctuate less.
Israel believes that large tech companies will soon enter the landscape if cryptocurrencies are widely used in the metaverse.
Haim Israel Source: Financial News
The term “metaverse”, which has been popularized in the past few months after Mark Zuckerberg’s announcement of the rebranding Facebook to Meta, a new title that emphasizes the firm’s vision, became more popular.
The metaverse, as it is commonly known, is a virtual place where people can socialize, trade, build, and even earn crypto assets.
The Metaspace Market may soon reach $1T Value
Grayscale, a leading digital asset manager, has revealed that the metaverse industry could soon be worth more than $1 trillion.
The investment giant pointed out that the potential for this space goes beyond gaming, touching sectors such as advertising, digital events and hardware, as well developer/creator revenue.
If the most recent data is correct, Web 3.0 metaverse cryptocurrency networks’ total market capitalization is close to $30 billion. The industry could be a disruptor to Web 3.0 in a similar way that Facebook did with Web 2.0.
Analyses also revealed that the number and size of metaverse wallets has increased by a factor ten since the beginning of last years. The number was approximately 50,000 in the third quarter of 2021.
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