Today, Bank of America became the first major finical institution to initiate analyst coverage
of Bitcoin. FX and Rate Strategist David Woo declared a maximum fair value of
$1,300 and a maximum market capitalization of $15 billion.
Bitcoin’s
upward trend in recent months suggests that the fair value target could be hit
sooner rather than later. Woo notes that Bitcoin prices have increased 100 fold
this year, putting it at risk of soon trading above fundamental value.
Other users were simply excited about the
attention. One, going by Herp, wrote, “This is a HUGE turning point for BTC. Big
banks [are] finally starting to realize this is something they can’t fight but
have to accept. Be part of it or be left behind.” View Full Story
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