What BofA CEO Says About Banking Industry’s Acceptance Of Crypto For Payments Under Trump 2.0: ‘If The Rules Come In...’

Bank of America CEO Brian Moynihan reportedly said on Tuesday that the banking industry will accept cryptocurrencies for payments if regulators permit their usage.

“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 said in an interview at the World Economic Forum in Davos, according to a CNBC report.

Moynihan was responding to CNBC’s Andrew Ross Sorkin about how the banking industry’s approach to crypto could change in the wake of President Donald Trump’s keen interest in digital currencies.

The U.S. banking industry has been vocal against cryptocurrencies, although its trading and wealth management divisions are known to participate in crypto markets. JPMorgan Chase CEO Jamie Dimon has reportedly said that Bitcoin “has no intrinsic value” and is “heavily used by sex traffickers, by money launderers, and by ransomware.”

However, Moynihan sees this as just another form of payment. “We have hundreds of patents on blockchain already, we know how to enter the field,” he said, according to the report.

After Donald Trump won the elections in November 2024, crypto prices shot up. Bitcoin has jumped over 54% since his victory and is now trading near the $105,000 mark.

On Stocktwits, retail investors are expressing bullish takes on the apex coin, with sentiment meter climbing into the ‘neutral’ territory (47/100) from ‘bearish’ a day ago. 

BTC’s Sentiment Meter and Message Volume as of 9:31 a.m. ET on Jan. 21, 2025 | Source: Stocktwits

Bitcoin is experiencing resistance near the $108,000 mark, a level close to its lifetime highs. One Stocktwits user believes BTC will soon hit the $110,000 mark.

Another expressed optimism about BTC mining firms too.

Notably, BTC has gained over 12% since the beginning of 2025 and over 152% over the past year. However, ETH.X has lost over 1% year-to-date and has gained over 34% over the past year.

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