Bank of America covers Bitcoin - 1300$ fair price, potential for growth

[Herp]

They clearly recognize the potential of Bitcoin as an upcoming ecommerce payment system or a store of value, and as a bank, of course they're interested in the potential, because people are going to need to convert money between Bitcoin/USD.

Hopefully their involvement also brings their lobbyists to keep strict regulation and laws away from the profits they'll be pulling in with BTC..they benefit we all benefit I'm guessing.

this is naive. if they bring their lobbyists they will do what all fascists do. it is called regulatory capture. all regs will be written to benefit those at the top. pick an industry.

as sallie said in eddie and the cruisers " guys like you and me word man, they discover oil under our garden all we get is dead tomatoes"

That's Hollywood left wing propaganda.

Bitcoin foundation does its own lobbying Washington. They've hired some lobbyists. The New York bankers want to get a piece of the Bitcoin action and will also lobby to help Bitcoin. It's already happening in NY btw.

[darkmule]

people need to start getting used to the idea that if Bitcoin makes its mark, the banks will be there.

Agreed.  But if I were to pick a bank to be the first one that shows up, BoA is the absolute last I would want to be the first.  As bad actors go, they're the worst.

I'd prefer, say, Wells Fargo.

[silvergoldandbitcoin]

people need to start getting used to the idea that if Bitcoin makes its mark, the banks will be there.  that's what they do, make money from money.  given their existing resources and some of the issues with Bitcoin, they will end up running the network.  and if not the current banks, then those who run the network will be the banks.

Given that it's their business to make money with money, I can't see how any bank, big or small, could ignore bitcoin.

[501]

people need to start getting used to the idea that if Bitcoin makes its mark, the banks will be there.  that's what they do, make money from money.  given their existing resources and some of the issues with Bitcoin, they will end up running the network.  and if not the current banks, then those who run the network will be the banks.

Given that it's their business to make money with money, I can't see how any bank, big or small, could ignore bitcoin.

This.

Bankers don't care about the products they're investing in. They only care that those products are making money.

If gold is making money, they invest in gold. If bitcoin is making more money, they gradually move to invest in bitcoin.

There is no "bankers and the 1% love fiat money and fiat is here to stay." Bankers don't care about fiat, they care about making lots of money and buying expensive things. If bitcoin is the best way to achieve that goal, they'll be investing in bitcoin soon enough.

[franky1]

1300 today they say.

well that means the new 3600 coins generated as miner reward comes to a daily total of $4,680,000. so as long as more then $4.7mill of Fiat which gets put into exchanges per day then the price will continue rising because of demand (more then $4.7m) exceeding supply (3600 coins)

is there any way of tallying up the exchanges $ deposits easily, to see the combined daily dollar volume of bitcoin?

[Cubic Earth]

1300 today they say.

well that means the new 3600 coins generated as miner reward comes to a daily total of $4,680,000. so as long as more then $4.7mill of Fiat which gets put into exchanges per day then the price will continue rising because of demand (more then $4.7m) exceeding supply (3600 coins)

is there any way of tallying up the exchanges $ deposits easily, to see the combined daily dollar volume of bitcoin?

I suppose $4.7m would be the maximum required to absorb the freshly mined coins at the $1300 price level.  But not all of the mined coins are put up for sale, so the fiat number could possibly be much less.

On the other hand, there would also have to be fiat available to buy any coins that holders decided to sell.  That number could presumably be between 0 and 12m (or whatever the current coin supply is) depending on the day.

So while you can think of the market cap being supported by a certain influx of fiat, I would argue it is just one variable out of a handful of important ones, and not really too helpful as a model unto itself.

[johnyj]

The bitcoin bubble which is never going to burst is the final rescue for the banks and economy

[Imahara]

1300 today they say.

well that means the new 3600 coins generated as miner reward comes to a daily total of $4,680,000. so as long as more then $4.7mill of Fiat which gets put into exchanges per day then the price will continue rising because of demand (more then $4.7m) exceeding supply (3600 coins)

is there any way of tallying up the exchanges $ deposits easily, to see the combined daily dollar volume of bitcoin?

This would only hold if you freeze all the outstanding bitcoin. I can understand that the logic is changing for early adapters. Even the biggest believer would be rational to cash out a bit of their bitcoin in dollars or spend them. The volatility can still hurt you and a continued price rise this year is far from guaranteed. You still need to eat

[Dr Bloggood]

people need to start getting used to the idea that if Bitcoin makes its mark, the banks will be there.  that's what they do, make money from money.  given their existing resources and some of the issues with Bitcoin, they will end up running the network.  and if not the current banks, then those who run the network will be the banks.

Given that it's their business to make money with money, I can't see how any bank, big or small, could ignore bitcoin.

This.

Bankers don't care about the products they're investing in. They only care that those products are making money.

If gold is making money, they invest in gold. If bitcoin is making more money, they gradually move to invest in bitcoin.

There is no "bankers and the 1% love fiat money and fiat is here to stay." Bankers don't care about fiat, they care about making lots of money and buying expensive things. If bitcoin is the best way to achieve that goal, they'll be investing in bitcoin soon enough.

Big banks are manipulating the gold and silver markets hardcore to help the government support fiat. While its true that they also make good money with it, they are clearly on a government supported (or at least tolerated) mission.

So its not always 100% about making money for the big corrupt players like Morgan and Sachs, its also about keeping up the status quo.