Cybersecurity
BofA Says Bitcoin Needs Acceptance to Thrive But That's Unlikely
- Key step for recognition is becoming pledgeable collateral
- Firm considers bitcoin liquidity, safety and returns
IOHK CEO Hoskinson Sees Bright Future for Bitcoin
This article is for subscribers only.
Bank of America Merrill Lynch is looking past the increase in bitcoin trading volume to caution against a surge in optimism surrounding the digital currency.
"A key step for bitcoin would be for it to become pledgeable collateral," Francisco Blanch, BofA’s head of Global Commodities and Derivatives Research, wrote in a note published Tuesday. "However, large inherent risks to digital tokens such as fraud, hacking, theft, new protocol adoption, limited acceptance, and that it is not legal tender many places in the world make it an unlikely development."