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 work more for them to help in their lives."
Chairman and CEO of Bank of America Brian T. Moynihan attends a session at the 50th World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 21, 2020. REUTERS/Denis Balibouse
Despite crypto's relatively robust presence at the World Economic Forum via various after-parties and the attendance of Ripple CEO Brad Garlinghouse and FTX President Brett Harrison, there remained a heavy skepticism on the digital currency among those Yahoo Finance spoke with.
The recent news is not pretty: Bitcoin's price recently fell below $30,000 amid a broader rout in all things tech, shares of companies that trade crypto such as Coinbase and Robinhood have been hammered, and the recent collapse of the TerraUSD stablecoin felt like a watershed moment to many observers.
Amid the carnage, Guggenheim's Scott Minerd told Bloomberg bitcoin could plunge to $8,000 and there were now a bunch of "yahoos" in the sector.
More Yahoo Finance coverage of WEF 2022:
Story continues
Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
Read the latest financial and business news from Yahoo Finance
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube
Read more:
Why Bank of America won't be rushing into crypto anytime soon - Yahoo Finance
- NBA playoffs: Bucks G Patrick Beverley chucks ball at multiple Pacers fans amid elimination - Yahoo Sports - May 3rd, 2024 [May 3rd, 2024]
- Britney Spears says she feels 'harassed' after paramedics respond to incident at Chateau Marmont: The latest - Yahoo Entertainment - May 3rd, 2024 [May 3rd, 2024]
- How the Knicks' special chemistry helped them turn back the 76ers - Yahoo Sports - May 3rd, 2024 [May 3rd, 2024]
- 11 stocks that mattered most this earnings season - Yahoo Finance - May 3rd, 2024 [May 3rd, 2024]
- Fed holds interest rates at 23-year high, citing 'lack of further progress' on inflation - Yahoo Finance - May 3rd, 2024 [May 3rd, 2024]
- Odell Beckham Jr. reportedly signing 1-year, $8.25 million deal to join Dolphins - Yahoo Sports - May 3rd, 2024 [May 3rd, 2024]
- How to watch the 2024 Kentucky Derby: Post positions, odds, where to stream and more - Yahoo Sports - May 3rd, 2024 [May 3rd, 2024]
- The Buzz: What would a fantasy baseball draft look like today? - Yahoo Sports - May 3rd, 2024 [May 3rd, 2024]
- 2nd Boeing whistleblower found dead. Here's a timeline of the company's mounting problems. - Yahoo! Voices - May 3rd, 2024 [May 3rd, 2024]
- Trump trial live updates: Hope Hicks called to the stand as testimony resumes in hush money case - Yahoo! Voices - May 3rd, 2024 [May 3rd, 2024]
- Brandon Aubrey thinks soccer background will "absolutely" help with new kickoffs - Yahoo Sports - May 3rd, 2024 [May 3rd, 2024]
- Kentucky Derby: Fierceness' odds keep shrinking ahead of the 150th race - Yahoo Sports - May 3rd, 2024 [May 3rd, 2024]
- How to watch the 2024 WNBA preseason tonight: Caitlin Clark's first Indiana Fever game time, channel and more - Yahoo Sports - May 3rd, 2024 [May 3rd, 2024]
- Amazon Web Services CEO: We're on track to hit $100 billion in sales in 2024 - Yahoo Finance - May 3rd, 2024 [May 3rd, 2024]
- NFL Power Rankings, draft edition: Did Patriots fix their offensive issues? - Yahoo Sports - May 3rd, 2024 [May 3rd, 2024]
- Lynch reveals how he engaged Shanahan on 49ers GM job - Yahoo Sports - May 3rd, 2024 [May 3rd, 2024]
- Drake, Adele, and others are following Taylor Swift back onto TikTok after Universal deal - Yahoo Finance - May 3rd, 2024 [May 3rd, 2024]
- Boss Orders Employee 'Be Prepared To Cancel Or Reschedule Your Wedding' After Layoffs, Despite Her Giving A ... - Yahoo Finance - May 3rd, 2024 [May 3rd, 2024]
- May Reliever Rankings - Yahoo Sports - May 3rd, 2024 [May 3rd, 2024]
- Kyle Hendricks pelted by a line drive during Double-A start - Yahoo Sports - May 3rd, 2024 [May 3rd, 2024]
- China publicizes for the first time what it claims is a 2016 agreement with Philippines - Yahoo! Voices - May 3rd, 2024 [May 3rd, 2024]
- What Pearsall believes Green will bring to 49ers defense - Yahoo Sports - May 3rd, 2024 [May 3rd, 2024]
- What to know about Rickwood Field ahead of Giants-Cardinals game - Yahoo Sports - May 3rd, 2024 [May 3rd, 2024]
- Biden says Americans have 'right to protest but not the right to cause chaos' on college campuses after another night of ... - Yahoo! Voices - May 3rd, 2024 [May 3rd, 2024]
- Billam-Smith 'motivated to avenge loss' to Riakporhe - Yahoo Sports - May 3rd, 2024 [May 3rd, 2024]
- Chinese Grand Prix 2024: How to watch tonight's F1 race without cable - Yahoo Sports - May 3rd, 2024 [May 3rd, 2024]
- Was it legal for Kristi Noem to shoot her puppy and what other options did she have? - Yahoo! Voices - May 3rd, 2024 [May 3rd, 2024]
- Apple unveils record $110 billion buyback as results beat low expectations - Yahoo Finance - May 3rd, 2024 [May 3rd, 2024]
- Paramount has spent a decade as the source of buyout rumors. That might finally come to an end. - Yahoo Finance - May 3rd, 2024 [May 3rd, 2024]
- Lynch reveals hilarious truth about transition from player to GM - Yahoo Sports - May 3rd, 2024 [May 3rd, 2024]
- 7 Social Security Shakeups You Need To Be Ready For Heading Into the New Year - Yahoo Finance - December 22nd, 2023 [December 22nd, 2023]
- Crypto had a surprisingly great year. It still faces threats in 2024. - Yahoo Finance - December 22nd, 2023 [December 22nd, 2023]
- 'How the hell does that even happen?' McCarthy exits Congress amid confusion over who can run to replace him - Yahoo News - December 22nd, 2023 [December 22nd, 2023]
- Short sellers lost close to $178 billion in 2023 - Yahoo Finance - December 22nd, 2023 [December 22nd, 2023]
- Trump legal news brief: Giuliani files for bankruptcy after judge rules he must immediately pay $148 million for election ... - Yahoo News - December 22nd, 2023 [December 22nd, 2023]
- No One Wants Used EVs, Making New Ones a Tougher Sell Too - Yahoo Finance - December 22nd, 2023 [December 22nd, 2023]
- Israel's military campaign in Gaza seen as among the most destructive in recent history, experts say - Yahoo News - December 22nd, 2023 [December 22nd, 2023]
- Barbara Corcoran Says Housing Prices 'Are Going To Go Through the Roof' But When? - Yahoo Finance - December 22nd, 2023 [December 22nd, 2023]
- Are You Wealthy? The Net Worth You Need To Be Considered Poor, Middle-Class And Wealthy In America - Yahoo Finance - December 22nd, 2023 [December 22nd, 2023]
- German bishop Btzing criticizes pope over Ukraine and Israel stance - Yahoo News - December 22nd, 2023 [December 22nd, 2023]
- 'Severe revenue decline': California faces a record $68 billion deficit here's what is eating away at the Golden State's ... - Yahoo Finance - December 22nd, 2023 [December 22nd, 2023]
- Poll: Trump is tied with Biden for now but criminal trials and unpopular plans pose risks for 2024 - Yahoo News - December 22nd, 2023 [December 22nd, 2023]
- Rudy Giuliani files for bankruptcy days after being ordered to pay $148 million in defamation case - Yahoo News - December 22nd, 2023 [December 22nd, 2023]
- 'It's just bragging rights': Once you achieve this credit score there's 'no benefit' to scoring higher, expert says here are ... - Yahoo Finance - December 22nd, 2023 [December 22nd, 2023]
- Records released by House Republicans show that Joe Biden repeatedly emailed Hunter Biden's business associate ... - Yahoo News - December 22nd, 2023 [December 22nd, 2023]
- Tesla Getting Trounced by S&P 500 Three Years After Joining - Yahoo Finance - December 22nd, 2023 [December 22nd, 2023]
- Ukrainian forces shoot down three Russian Su-34 fighter jets on southern front - Yahoo News - December 22nd, 2023 [December 22nd, 2023]
- The only AI 'regulation' coming is from workers - Yahoo Finance - December 22nd, 2023 [December 22nd, 2023]
- Innocent Black Man Spent 50 Years in Prison, His Compensation Will Annoy The Hell out of You - Yahoo News - December 22nd, 2023 [December 22nd, 2023]
- Texas begins flying migrants from southern border to Chicago. The 1st plane carried over 120 people - Yahoo News - December 22nd, 2023 [December 22nd, 2023]
- Donald Trump Is Running Scared - Yahoo News - December 22nd, 2023 [December 22nd, 2023]
- The biggest 2024 threat to Big Tech is coming from both sides of the Atlantic - Yahoo Finance - December 22nd, 2023 [December 22nd, 2023]
- Apple halts online sales of its Apple Watch Series 9 and Apple Watch Ultra 2 - Yahoo Finance - December 22nd, 2023 [December 22nd, 2023]
- 2023 FIBA World Cup: Jaren Jackson Jr.'s elite rim protection and defensive presence come with a price - Yahoo Sports - August 28th, 2023 [August 28th, 2023]
- Fantasy Football Rankings: These are the hardest players to ... - Yahoo Sports - August 28th, 2023 [August 28th, 2023]
- Cowboys QB Dak Prescott feels for Will Grier after Trey Lance deal, not worried about future in Dallas - Yahoo Sports - August 28th, 2023 [August 28th, 2023]
- Massive alligator captured in Mississippi is a new state record. Nightmare material - Yahoo! Voices - August 28th, 2023 [August 28th, 2023]
- Virginia Gov. Youngkin eyes a 15-week abortion ban as a 'consensus' voters would back - Yahoo News - August 28th, 2023 [August 28th, 2023]
- Poll: Trump could be in big trouble for 2024 if convicted of crimes - Yahoo News - August 28th, 2023 [August 28th, 2023]
- 'She-Hulk' star Tatiana Maslany nearly brought to tears after overcoming fears of heights and cold with the help of Bear Grylls - Yahoo Entertainment - August 28th, 2023 [August 28th, 2023]
- Don't feel guilty about being lazy. Experts say there are some health benefits. - Yahoo Life - August 28th, 2023 [August 28th, 2023]
- Center Paolo Banchero helps Team USA power past physical New Zealand in FIBA World Cup - Yahoo Sports - August 28th, 2023 [August 28th, 2023]
- Tyreek Hill says Tua's response to ESPN criticism 'fires me up,' shows Dolphins something they've never seen - Yahoo Sports - August 28th, 2023 [August 28th, 2023]
- USA's Katie Moon, Australia's Nina Kennedy agree to share pole vault gold after tie atop World Athletics Championships - Yahoo Sports - August 28th, 2023 [August 28th, 2023]
- Blue Jays' Bo Bichette, Matt Chapman leave game vs. Guardians with injuries - Yahoo Sports - August 28th, 2023 [August 28th, 2023]
- Benches clear twice as Rays roll past Yankees 7-4: 'It's a last-place team' - Yahoo Sports - August 28th, 2023 [August 28th, 2023]
- All-Pro Chris Jones says hes willing to extend Chiefs holdout through Week 8 - Yahoo Sports - August 28th, 2023 [August 28th, 2023]
- Fyre Festival II: Andy King confirms he's working with Billy McFarland for 'redemption'; 1st drop sells out - Yahoo Entertainment - August 28th, 2023 [August 28th, 2023]
- Pirates first overall pick Paul Skenes doesn't make it out of 1st inning in Double-A debut - Yahoo Sports - August 28th, 2023 [August 28th, 2023]
- U.S. men and women sweep gold in 4x100m relay at World Championships - Yahoo Sports - August 28th, 2023 [August 28th, 2023]
- Spain soccer president Luis Rubiales apologizes for kissing player, as calls for his resignation mount - Yahoo Sports - August 28th, 2023 [August 28th, 2023]
- COVID cases are rising. What are schools doing about it? - Yahoo Life - August 28th, 2023 [August 28th, 2023]
- Nicolas Batum ashamed and scared to go home after France is knocked out of FIBA World Cup - Yahoo Sports - August 28th, 2023 [August 28th, 2023]
- Tour Championship: How much did Viktor Hovland, others earn at East Lake? - Yahoo Sports - August 28th, 2023 [August 28th, 2023]
- The Daily Sweat: Cubs get chance to cut into streaking Brewers' NL Central lead - Yahoo Sports - August 28th, 2023 [August 28th, 2023]
- NASCAR: Chris Buescher wins at Daytona after Ryan Preece's car flips at least 10 times in terrifying crash - Yahoo Sports - August 28th, 2023 [August 28th, 2023]
- With college sports more in flux than ever before, new players association group emerges - Yahoo Sports - August 28th, 2023 [August 28th, 2023]
- NFL Hall of Fame Game: How to watch the 2023 NFL preseason opener - Yahoo Sports - July 31st, 2023 [July 31st, 2023]
- 2023 NFL preseason: How to watch, full schedule, streaming info and more - Yahoo Sports - July 31st, 2023 [July 31st, 2023]
- Reports: Colts considering placing Jonathan Taylor on NFI list, which could negate his 2023 salary - Yahoo Sports - July 31st, 2023 [July 31st, 2023]