05 Dec '13, 12pm

A Major Wall Street Bank Just Initiated Coverage On Bitcoin And Identified A Fair Value

A Major Wall Street Bank Just Initiated Coverage On Bitcoin And Identified A Fair Value

Bitcoin, the bizarre electronic currency that seemingly came out of nowhere and has been taking over financial market headlines, is now being covered by one of the biggest firms on Wall Street. "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," wrote Bank of America currency strategist David Woo in a 14-page note to clients this morning. "As a medium of exchange, Bitcoin has clear potential for growth, in our view." This extremely volatile "cryptocurrency" crashed from $1,240 to a low of $870 this morning after the People's Bank of China announced Bitcoin coin handling restriction for its countries banks. Wall Street's coverage of Bitcoin seemed inevitable considering the amount of money moving in and out of it. Here's more from Woo: Store of wealth for the underground econ...

Full article: http://www.businessinsider.com/baml-initiates-coverage-on...

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