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Bank of America Sets a Value on BitCoin

 On Thursday Bank of America published a first of its kind research report (PDF) on Bitcoin, the crypto currency that has skyrocketed in value the past couple months, now worth just over $1000. Bank of America concluded that each bitcoin was valued about $1,300 and the entire Bitcoin economy worth close to $15 billion. Bank of America believes that Bitcoin could become “a major means of payment for e-commerce and may emerge as a serious competitor to traditional money-transfer providers,” but still warned about the possibility of speculation leading to a bubble.

1 Comments in Response to

Comment by Ed Price
Entered on:

This leads us to ask, what is a bubble, really?

If the dollar is not some sort of banker caused bubble, then what is it? The people have been losing value for a hundred years in simply using the dollar. The only reason we have the quality of life that we do is because of our ingenuity inventing all kinds of cheap things that make life easier. The dollar, our paycheck, have gone down in value many times because of the dollar bubble.

Bitcoin as a bubble is simply a competing bubble. Bitcoin as a means of trade is far more stable bubble-wise than the dollar bubble under the controls of a handful of bankers. Why? Because, even though there may arise little Bitcoin bubbles between segments of the population, there can almost never be a siphoning off of value that has caused the gigantic currency bubble... a siphoning off of value done by the global elite who control the fiat currencies.

The people lose with the fiat currencies. At least with Bitcoin the people have a chance to live.

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