Bitcoin may not just be the digital dream of tech experts anymore, but a viable financial option- at least if you want to listen to one of the biggest banks in the United States. This week Bank of America cast its vote in favor of the digital currency’s legitimacy by endorsing it as the next big financial movement.
On Thursday, Bank of America published its first ever report on Bitcoin, in which it noted that the digital currency which has been sweeping the internet could become a major player in the money-transfer game. In the report, Bank of America wrote that Bitcoin had a clear potential growth as a medium of exchange.
“We believe Bitcoin could become a major means of payment for e-commerce and may emerge as a serious competitor to traditional money-transfer providers,” the report said.
Although Bank of America offered its thoughts in favor of Bitcoin, it also made mention of several issues which have caused concern with regards to the digital currency. Governments have raised concerns over the potential damages of a deregulated currency, whilst several heists and hacking schemes have shown that Bitcoin is susceptible to manipulation, counterfeiting and theft.