Topic: Bank of America covers Bitcoin - 1300$ fair price, potential for growth (Read 7637 times)

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.

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

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

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.

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.

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.

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

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.

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.

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"

The price targets bank analysts put on stocks go up all the time. I've seen it all before with many different stocks I've tracked over the years.

Expect BoA to raise their price target once btc goes above 1.3k. Guess some of you here are not familiar with how these "analysts" assign price targets. Their conservative btc price target is very normal, it's what they do in most cases. Just check the stocks covered by BoA analysts and you'll see what I'm talking about.

It's all about damage control!

the price target is stupid like this bank. when he really thinks that 1300 USD is the maximum, he doesnt understand bitcoin.

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.

Even as Banks go, BoA is particularly malevolent and corrupt.

I posted this reply in another thread but personally, I believe the $1300 is specifically chosen because that is the number they want to keep Bitcoin below until the end of the year. It definitely appears to me that they don't want Bitcoin to stay above the gold price (Which is heavily supressed) till the end of the year and draw unwanted publicity to Bitcoin or Gold.
(Notice how the two big dips happened right around that level.)

From my other post

'They've done a lot of negative press lately and the last thing they want is articles on major magazines around the world going into Xmas season where families and groups discuss the hot topics of season as well as plan their investment strategy for the following year.  

Some headlines...

'In January it was cheaper than silver, today it's more expensive than gold'

'GOLD 2.0 - As Bitcoin overtakes the gold price we ask is Bitcoin the new gold?'

The cover of Time Magazine is just a question mark with the question 'Who is Satoshi?'

'Bitcoin up 10 000%+ in 2013, what will it do in 2014?'

The Chinese announcement, (Which wasn't awful but obviously caused the last dip), was made right after the David Cameron visited in China, (And he just works for the bankers in the City of London), so while they might have mentioned international trade in their discussions, I think it was mostly David Cameron saying to China 'Please, I beg you, pretty please, do whatever you want with Tibet we won't say a word, please just help us to keep Bitcoin below $1300 till the New Year.'

Bitcoin holding above $1300 for any period will bring unwanted Publicity to both Gold and Bitcoin for the bankers, who are hoping to keep peoples money in their bank accounts till the mass bail-ins begin at least.'


What could this also tell us? Maybe, that 'they' think that if Bitcoin can hold above gold before Xmas it could go to the moon next year, so c'mon Richard Branson make it so  

What proof do we have that this is actually from BOA, rather than some teenage prank?

All I see so far is a tiny article on a bloggish pseudo-news site, and a .pdf with an improbable title hosted on some sketchy doc sharing site.

I'll be skeptical, pending something actually traceable to BOA.

There is already a pretty ambitious project from cyprus for a bitcoin bank. Of course traditional banks have all the infrastracture ready but they have to jump to the wagon soon if they don't want to left behind for ever.

all coins can co-exist with fiat and banks. the methods are countless. one would be that banks can secure or quarantee
your wallets

So bank of america wants bitcoin as a payments platform while bank of china wants it as a commodity
The one thing that it's sure is that noone wants it as a currency. I wonder why