Bank of America is worried about the threat of cryptocurrency to its business

Cryptocurrencies pose a competitive threat to Bank of America‘s business, the company said in an annual 10-K filing with the U.S. Securities and Exchange Commission.

«Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies,» the bank said. Such increased competition may «negatively affect our earnings» or affect «the willingness of our clients to do business with us.»

Bank of America has not embraced the rise of interest in cryptocurrencies. The firm’s Merrill Lynch wealth management arm banned its roughly 17,000 financial advisors from buying bitcoin-related investments for clients. The bank also said earlier this month that customers cannot use its credit cards to buy cryptocurrencies.

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