Bank of America deems Bitcoin the next big thing

[Eugene]

Source: CNET

Bank of America deems Bitcoin the next big thing

In a new report, the bank says that the virtual currency could ultimately be
worth $1,300 per coin and become a "major means of payment for e-
commerce."

by Dara Kerr December 5, 2013 3:36 PM PST

It appears not only people in the tech world believe Bitcoin is the currency of the future -- one of the US' biggest banks also sees legitimacy in the virtual currency.

Bank of America published its first research report (PDF) on Bitcoin on Thursday saying that the digital currency could become a major contender to other types of online money-transfer providers.

"We believe Bitcoin could become a major means of payment for e-commerce and may emerge as a serious competitor to traditional money-transfer providers," Bank of America wrote in its report. "As a medium of exchange, Bitcoin has clear potential for growth, in our view."

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Read more: http://news.cnet.com/8301-1023_3-57614720-93/bank-of-america-deems-bitcoin-the-next-big-thing/

[Moliere]

1. Oh jeez. Time to bail out

[PumpkinAle]

2. BoA - of course makes sense ..... "in-the-murky-world-of-bitcoin"

The call went out on Twitter: “For insane profits come and join the pump.”

It was an invitation to a penny stock-style pump-and-dump scheme — only this one involved Bitcoin, the soaring, slightly scary virtual currency that has beckoned and bewildered people around the world.

While such bid ’em up, sell ’em off scams are shut down in the financial markets all the time, this one and other frauds involving digital money have gone unchecked. The reason: Government authorities do not agree on which laws apply to Bitcoin — or even on what Bitcoin is.

The person behind the recent scheme, a trader known on Twitter as Fontas , said in a secure Internet chat that he operated with little fear of a crackdown.

For insane profits come and join the pump, there is no obligation to but it’s nice to be on the right side of a price movement

— Fontas (@fontase) 25 Nov 13

http://dealbook.nytimes.com/2013/12/05/in-the-murky-world-of-bitcoin-fraud-is-quicker-than-the-law/?_r=0

[madrchsod]

3. who or what is backing the bitcoin?

can i trade my tulip bulbs for bitcoins?

[PoliticAverse]

5. Yes. n/t

[PoliticAverse]

4. A cynic might think they took a position and want to unload it around $1,300...

cause that number seems to be a good example of the definition of 'arbitrary'.

[customerserviceguy]

6. Yeah, they also believed

that the fairy-dust "securities" that blew apart the world economy five years ago were worth something, too.

I have one zero-interest loan with B of A left to pay off, when that's done, I'm done with them.