Analysts at Bank of America Merrill Lynch issued the banks first research report today on Bitcoin, the virtual currency that approximates cash on the internet, concluding that the currency has the potential to become a major means of payment for ecommerce as well as a serious competitor to traditional money transfer providers. Assuming Bitcoin becomes mainstream, Bank of America currency strategists estimate it is worth $1,300 apiece. The report also notes that the rapid jump in Bitcoins value — which was just $100 in August — correlates with interest in the currency coming from China. Bank of America estimates Bitcoin could be worth $1,300 apiece
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