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Old 12-05-2013
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Default 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

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."

While there are other digital currencies, Bitcoin is probably the most well known. It’s been around since 2009, but didn’t really get going until 2011 when it was worth $2 per coin. By 2013, the currency had climbed to $20 per coin, and then jumped to $266 in April. Within the past few weeks, it had another price jump and is now hovering around $1,000.

Virtual currencies aren’t regulated, which has caused governments some concern. The digital money can be manipulated or used to launder other types of money. It is also susceptible to hacking and allows people to evade currency controls with ease.

Bank of America echoed some of these same concerns in its report. The bank also said that the currency’s volatility, which is based on speculation, could limit people’s acceptance for it as method of payment; and its skyrocketing prices might cause it to get ahead of itself and create a bubble.

Nevertheless, Bank of America still appears to believe that Bitcoin could one day become widely used. The bank did some data crunching in its report and concluded that the total Bitcoin economy could ultimately be worth $15 billion, with each coin being valued at $1,300.

http://news.cnet.com/8301-1023_3-576...ext-big-thing/
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Old 12-06-2013
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Default Re: Bank of America deems Bitcoin the next big thing

Bank of America has been wrong with a lot of things. This will be one of them.
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Old 12-06-2013
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Default Re: Bank of America deems Bitcoin the next big thing

it's a bubble. but the prediction when it will burst is the risk, those who invest late will obviously get burned. those who gathered a few when it was easier to mine might want to hold on a while longer.

If I had some, I'd hold on until it reaches 10k and sell 25% of them. then if by miracle it holds until 50k, I'll sell 50% of whatever I have then. the rest i'll just keep until it is obvious the worth is declining quickly

my guess is bank of america probably invested some money, which is why they are trying to create a bit of hype.
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Old 12-10-2013
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Default Re: Bank of America deems Bitcoin the next big thing

i just want to buy some gud weed w/ them
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Old 12-19-2013
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Default Re: Bank of America deems Bitcoin the next big thing

Bitcoin plummets as China's largest exchange blocks new deposits

Digital cryptocurrency has lost almost 50% of its value overnight after BTC China said it could no longer accept deposits in the Chinese currency


The price of bitcoin has plummeted following an announcement from China's largest bitcoin exchange that it would no longer be accepting new yuan deposits.

BTC China said that due to action by a third-party payment provider, YeePay, it could no longer accept deposits in the Chinese currency, although it would still be able to process withdrawals. BTC's chief executive, Bobby Lee, said that YeePay gave notice on Wednesday morning Shanghai time that it would no longer provide services.

Lee blamed government regulation for the decision. China's central bank warned in early December that bitcoin was not legally protected and had no "real meaning", and barred financial institutions from using the currency.

On Tuesday, the central bank extended that ban to payment companies like YeePay, and gave them until Chinese New Year, which begins on 31 January, to comply.

At publication time, the value of one bitcoin on BTC China stands at ¥2,630 (£266.02), down from a high of ¥7,395 (£741.70) in late November. Bitcoin has dropped against other currencies in the same period, falling from £750 to £300 in the UK and from $1242 to $480 in the US.

On 18 November, BTC China raised $5m in a funding round from institutional investors Lightspeed. Until then, it had been self-funded by its three co-founders, who opened the site in June 2011.

Bitcoin remains legal to use in China, and the central bank is standing by an announcement that individuals are free to trade it at their own risk. But without third party payment providers, new purchases of the currency are virtually impossible.

That raises doubts about the future of bitcoin. The large boom in value that the currency has seen this autumn is widely thought to be a result of Chinese users adopting it. As Chinese support has since waned, so too has the price.

Bitcoin's supporters have consistently argued that the currency is impossible to fully ban, since it exists as a decentralised network of transactions. But if it can be rendered useless to merchants and customers, an actual ban may be unnecessary.

http://www.theguardian.com/technolog...cryptocurrency
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