Bitcoin (BTC) has gained notable recognition in the broader financial sector as Bank of America listed the coin alongside other currencies. The financial institution, in its 2025 cross-asset winners and losers’ year-to-date returns, listed the flagship cryptocurrency among other currencies like the British pound.
Bank of America validates Bitcoin as a currency
In a post shared by Matthew Sigel, VanEck Head of Digital Assets Research, Bitcoin ranked number one on the list of currencies benchmarked against the U.S. dollar. The currency topped other currencies like the Swiss franc, euro, Japanese yen and many others.
The development puts an end to the lingering debate that Bitcoin is more of a speculative asset or store of value. Notably, most traditional financial institutions have failed to give Bitcoin proper acknowledgment.
BofA: Bitcoin is a currency pic.twitter.com/3i9jOb0LiJ
— matthew sigel, recovering CFA (@matthew_sigel) July 11, 2025
However, for a major U.S. financial institution like the Bank of America to acknowledge BTC marks a significant shift in traditional finance toward accepting cryptocurrency. This aligns with the growing adoption and institutional interest in Bitcoin beyond the hitherto speculative interest.
Before this recognition by Bank of America, there had been growing interest from some traditional institutions. For instance, Metaplanet and Strategy have pivoted to Bitcoin in recognition of the asset’s value in the financial space.
CZ: “Bitcoin will keep rising”
Amid this recognition, Bitcoin has continued to appreciate, reaching an all-time high (ATH) of $118,856.47. As of press time, Bitcoin is exchanging at $117,856.47, representing a 6.02% increase in the last 24 hours.
The development prompted former Binance CEO Changpeng “CZ” Zhao, to drop a crucial message for investors yet to embrace the digital asset. According to Zhao, Bitcoin will continue to appreciate; as such, those who are yet to join the train could do so now.
The acknowledgement from Bank of America and the bullish sentiment on the crypto market might push the value further in the current cycle.