NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Thursday, December 5, 2013

Today, David Woo, global head of rates and currencies research at BofA Merrill Lynch, published the bank’s first report on the digital currency.

“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,” says Woo. “Assuming Bitcoin becomes (1) a major player in both e-commerce and money transfer and (2) a significant store of value with a reputation close to silver, our fair value analysis implies a maximum market capitalization of Bitcoin of $15bn (1BTC = 1300 USD).”