Bank of America sees cryptocurrencies as one of many significant and increasing’ competitors

The financial services industry is “highly competitive” and subject to stark disruptions, including from cryptocurrencies, Bank of America

BAC, +1.07%

said in its annual filing with the Securities and Exchange Commission Thursday. The bank referred to cryptocurrencies as “other market participants who engage in business or offer products in areas we deem speculative or risky.” It was the first time the bank had acknowledged crypto as a risk factor. Shares are up more than 29% over the past 12 months, nearly double the return for the S&P 500

SPX, +1.60%


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