DAVOS, Switzerland — The crypto faithful shouldn't expect Bank of America to make a major push into the sector anytime soon.
"No," replied Bank of America CEO Brian T. Moynihan when Yahoo Finance Live asked him at the World Economic Forum whether he felt like the company was missing out on the next big thing by not aggressively moving into crypto (full interview above).
Moynihan — who has driven a major digital banking transformation as BofA's CEO for the last 12 years — explained the bank is heavily regulated and that prevents an all-in maneuver into crypto.
The banking industry veteran also said that it's more fruitful for BofA to continue to focus on what it does — being a bank and encouraging financial freedom.
"Our big thing is helping consumers in America have a successful financial life," Moynihan said. "Our life plans, financial planning tool— four or five million users— only started three years ago. That's what you need to do, is get people to learn how to make their money...
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