THELOGICALINDIAN - Ignoring appealing abundant every allotment of advice alfresco of Bitcoins blueprint Bank of America has clearly appear that the greatest balloon in history is bustling but for absolute this time
For at atomic the 279th time, Bitcoin is dead.
As noted by Bloomberg, Bank of America’s Chief Investment Strategist Michael Harnett fabricated the affirmation that the gold accepted of cryptocurrency’s balloon has popped in a Sunday note. “The cryptocurrency is tracking the downfalls of the added massive asset-price bubbles in history beneath than one year out from its record,” claims the media company’s report.
Additional explanations from the North Carolina-based bunch banking casework company, however, are not provided.
Bank of America’s FUD (Fear, Uncertainty, and Doubt) comes at a time back Bitcoin is disturbing to advance amount activity aloft $7000. It also, conveniently, fails to booty into annual the ascendant cryptocurrency by bazaar capitalization’s accomplished emblematic runs and consecutive falls, which allegorize that the accepted bearings is — added or beneath — par for the course.
Bank of America additionally allegedly glosses over the cryptocurrency’s above developments, including the agitative Lightning Network — a additional band acquittal agreement which enables burning affairs amid accommodating nodes and solves the scalability botheration afflictive Bitcoin’s contempo history.
Furthermore, Bank of America seems to affliction beneath about the added absorption in Bitcoin trading from ultra-rich insitutional investors like George Soros and the Rockefeller family — both of which accept clearly signaled their intentions to barter cryptocurrency.
The coffer additionally fails to acknowledgment the New York Stock Exchange’s absorption in listing Bitcoin futures contracts and the SEC’s abeyant allowance of Bitcoin ETFs (Exchange Traded Funds) — both of which arresting added legitimacy.
America’s additional better bank has, however, expressed its fear of Bitcoin in the past. In February, Bank of America wrote in a Securities and Exchange Commission report:
The above coffer has additionally contributed to the declared bustling of the Bitcoin bubble, accepting banned acclaim agenda purchases in the alpha of February — calmly back the cryptocurrency bazaar had aloof started to absolutely cycle downhill.
How abundant acceptance do you accord Bank of America’s FUD-filled statements? Do you anticipate Bitcoin is a bubble? Let us apperceive in the comments below!
Images address of Bloomberg, Reuters, and Bitcoinist archives.
