DAVOS, Switzerland - The faithful shouldn't expect Bank of America to make a big push into the sector anytime soon.
The bank is heavily regulated and prevents an all-in maneuver into crypto, according to Brian T. Moynihan, CEO of the Bank of America, when Yahoo Finance Live asked him if he felt like the company was missing out on the next big thing by not aggressively moving into full interview with Moynihan, who has led a major digital banking transformation as BofA's CEO for the last 12 years.
The banking industry veteran said that it's more fruitful for BofA to focus on what it does - being a bank and encouraging financial freedom.
Moynihan said that our big thing is helping consumers in America have a successful financial life. Our financial planning tool — four or five million users — only started three years ago. Despite the relatively robust presence of cryptocurrencies at the World Economic Forum via various after-parties and the attendance of FTX President Brett Harrison and Brad Garlinghouse, there remained a lot of skepticism about the digital currency among those that Yahoo Finance spoke with.
The recent news was not good: the price of the virtual currency fell below $30,000 in a broader rout in tech, the shares of companies that trade cryptocurrencies such as Coinbase and Robinhood have been hammered, and the collapse of the TerraUSD stablecoin felt like a watershed moment to many observers.
Scott Minerd, Guggenheim's Scott Minerd, said that the price of bitcoins could plunge to $8,000 and there were now a lot of Yahoos in the sector.
Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Sozzi follows BrianSozzi on Twitter and LinkedIn.