Bank expects the bitcoin price to stabilize at $1300
The first official publication from bank analysts. Bank of America Merrill Lynch issued the first research report on bitcoin.
Finally we have the first publication from bank analysts. Bank of America Merrill Lynch issued the first research report on bitcoin. Moreover, it states that bitcoin “could be useful in e-commerce and money transfers”.
Bank strategists expect the price of bitcoins will stabilize around $ 1300 per coin very soon. But the rapid price growth and falls caused by purchases in China destabilize it as it starts "running ahead of its fundamentals," is written in the publication.
A couple of disadvantages bitcoin, described in the study are also well known and often discussed both in bitcoin network and by governmental regulators: the price of bitcoin and its “jumps”, long time periods for transactions to take process, and its undetermined legal status.
Researchers have also noted the lack of security in bitcoin network. Recent successful attacks by hackers who were able to take a significant amount of bitcoins were also mentioned.
Another problem today is still the lack of marketplaces and Bitcoin exchangers in most countries.
For now, Bank of America has become the first major Wall Street bank who published its analyses and positions about Bitcoin.