Bank of America warns US to ‘adapt or fail’ on cryptocurrency

The Bank of America (BoA) has warned that a reluctance to adapt to changes brought about by cryptocurrency could result in a failure to compete down the line.

The statement comes from the annual report to the Securities and Exchange Commission, and states: “Our inability to adapt our products and services to evolving industry standards and consumer preferences could harm our business.”

The BoA doesn’t have a great track record with cryptocurrency matters, recently blocking credit card purchases from its customers.

The report reads further: “The competitive landscape may be impacted by the growth of non-depository institutions that offer products that were traditionally banking products as well as new innovative products.

“This can reduce our net interest margin and revenues from our fee-based products and services. In addition, the widespread adoption of new technologies, including internet services, cryptocurrencies and payment systems, could require substantial expenditures to modify or adapt our existing products and services.”