Holders of bitcoin who have seen its value skyrocket in recent weeks may see additional gains in the future: Bank of America has released an estimate stating that the virtual currency is worth $1,300 a coin, The Verge reported on December 5.
In a report, Bank of America said bitcoin could become a “major means of payment for ecommerce.” It further noted it could prove to be a “serious competitor to traditional money transfer providers,” the bank said.
We’d love to be your preferred source for news.
Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!
The announcement contrasts past statements by economists that have argued bitcoin lacks value as a currency. Former Federal Reserve chairman Alan Greenspan called bitcoin “a bubble,” and said that a currency “has to have intrinsic value.”
To learn more about Greenspan’s doubts about bitcoin as a viable currency, read the full Bloomberg report here.
“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.
Add as Preferred Source
