Bank of America: Bitcoin Worth $1,300

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.

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.

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