Bank of America: Bitcoin Has Clear Potential for Growth
Bank of America has become the first US bank to talk openly about bitcoin, having issued a client note stating that the digital currency has "clear potential for growth". The news came in a 14-page note sent to clients by Bank of America currency strategist David Woo. He said he believes the maximum market cap of bitcoin is $15bn, or about 1,300 USD per 1 BTC. In the note, Woo pointed out that bitcoin makes sense as a medium of exchange and has the potential to become a major means of payment for e-commerce. It could even emerge as a serious competitor to traditional money transfer....
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In a 14-page document to its clients this morning, Bank of America currency strategist David Woo has made comments that may change how Wall Street views digicurrency bitcoin in the future. "We believe Bitcoin can become a major means of payment for e-commerce and may emerge as a serious competitor to traditional money transfer providers," writes Woo. "As a medium of exchange, Bitcoin has clear potential for growth, in our view." It's certainly interesting to see such a large financial institution in the United States take this position. It does, however, seem like typical Wall Street....