Bank of America: Bitcoin Has Clear Potential for Growth
Bank of America has become the first US bank to talk openly about bitcoin, having issued a client note stating that the digital currency has "clear potential for growth". The news came in a 14-page note sent to clients by Bank of America currency strategist David Woo. He said he believes the maximum market cap of bitcoin is $15bn, or about 1,300 USD per 1 BTC. In the note, Woo pointed out that bitcoin makes sense as a medium of exchange and has the potential to become a major means of payment for e-commerce. It could even emerge as a serious competitor to traditional money transfer....
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Bank of America has forecasted that the U.S. economy will slide into a recession this year. “A number of forces have coincided to slow economic momentum more rapidly than we previously expected,” the bank’s economists said.
US Economy Heading Into a Recession This Year, Says Bank of America
Bank of America’s economists now expect a recession in the U.S. this year. In a report published Wednesday, they explained: “Our previous baseline outlook for the U.S. economy featured a growth recession. But a number of forces have coincided to slow....