Bank of America has officially incorporated Bitcoin into its currency category for 2025, marking a significant step in the recognition of cryptocurrencies within traditional finance.
Bitcoin in Financial Institutions' Recognition
A recent post by Matthew Sigel, Head of Digital Assets at VanEck, indicates that Bitcoin ranks first among currencies benchmarked against the U.S. dollar. Bitcoin surpasses other currencies such as the Swiss franc, euro, and Japanese yen. This recognition from a major financial institution puts an end to debates on whether Bitcoin is merely a speculative asset or a store of value.
Bitcoin's Price Surge
Bitcoin continues to show growth, reaching an all-time high of $118,856.47. At the time of writing, Bitcoin is valued at $117,856.47, which reflects a 6.02% increase over the past 24 hours. This price growth has also drawn attention from traditional financial institutions like Metaplanet and Strategy, which are beginning to acknowledge Bitcoin's value in the financial space.
Changpeng Zhao's Opinion on Bitcoin's Future
Changpeng 'CZ' Zhao, former CEO of Binance, shared his thoughts on Bitcoin's ongoing rise. He stated that Bitcoin will continue to appreciate, and those who have yet to invest in this digital asset should consider entering the market.
The recognition of Bitcoin as a currency by Bank of America and the increasing interest in cryptocurrencies from traditional financial institutions underscore significant changes in financial markets.
