Bank of America compares Bitcoin to the most revolutionary inventions in history

According to a new note from Bank of America, Bitcoin belongs in the same category as the printing press and the Ford Model T automobile. Analysts at the second-largest US lender share the view that the long-term impact of "digital gold" could rival the most revolutionary technologies in history, while in the context of the 21st century they place it alongside social media, the iPhone and artificial intelligence.

This perspective is remarkable, given the banking sector’s often tense relationship with digital assets. Yet Bank of America has expressed optimism before: a 2013 client note already described Bitcoin’s “significant growth potential.” Most recently, CEO Brian Moynihan drew a sharp line between stablecoins and the broader crypto market, and that banks would enter blockchain “on the transaction side.”

A Wall Street Journal report in March mentioned that Bank of America is exploring a consortium-backed stablecoin to protect itself from competition from cryptocurrency-based issuers. The bank also revealed a modest stake in Bitcoin spot ETFs earlier this year, as well as holding hundreds of blockchain-related patents.

Taken together, the latest research note – and the bank’s quiet, ongoing experiments – suggest that Wall Street’s biggest players may be preparing to more deeply integrate bitcoin and blockchain into traditional finance, even as public rhetoric remains cautious.