Bank Of America Declares The Value Of Blockchains

Representatives of Bank of America (BofA) rejected the claim that blockchains do not carry any intrinsic value. In a new report, the organization noted that the leading networks provided massive commissions, which positively impacted the development of ecosystems. According to the company’s experts, blockchains and internal applications created are of great importance and benefit developers and end users.

Thus, representatives of the financial institution responded to the Governor of the Bank of England, Andrew Bailey, who had previously expressed his negative attitude towards the cryptocurrency sector. He stated that this class of digital assets has no use and value.

BofA analysts announced the results of the examination: the Ethereum network generated more than $3.9 billion in transaction fees in 2022 alone, and a year earlier, the figure was $9.9 billion. At the same time, as for Bitcoin, this network provided $93 million in fees since the beginning of January of this year, compared with $1 billion for the whole of last year.

Experts noted that the total indicators decreased slightly in 2022 because the entire crypto market has been gradually falling since the first month. According to experts, many holders preferred not to make transactions. This reduced the total number of transactions. In the Bitcoin network, the average transfer fee began to fall entirely from April 2021 due to the massive introduction of Lightning Network technology, which made it possible to make instant micropayments in BTC.