When Bank of America CEO Brian T. Moynihan was asked at the WEF if BoA would make any major moves into Crypto, he responded with a terse, “No.” He went on to explain that banks are heavily regulated, and that precludes any major move into something as potentially volatile as cryptocurrencies.

Moynihan went on to say, “Our big thing is helping consumers in America have a successful financial life. 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.”

Between the recent rout of Bitcoin, which saw it fall below $30,000, and the collapse of Terra’s USD stablecoin, as well as the hammering of cryptocurrency exchanges such as Coinbase and Robinhood, it is not surprising Banks would shy away from the sector. Additionally, Guggenheim’s Scott Minerd told Bloomberg that Bitcoin might just retract to $8,000, adding to the perception of instability.