(ArsTechnica) Bitcoin has been on a rollercoaster ride for most of its four-year history, with a series of dizzying price spikes and stomach-turning plummets, often in close succession. Thursday was no exception, as the digital currency picked up an unprecedented endorsement on Wall Street and a dose of cold water from the Chinese government.
For the first time, a major US investment bank has initiated coverage of bitcoins, and its overall assessment is relatively bullish.
"We believe Bitcoin can become a major means of payment for e-commerce and may emerge as a serious competitor to traditional money transfer providers," analysts at Bank of America's Merrill Lynch wrote in a 14-page research note to investment clients Thursday morning. "As a medium of exchange, Bitcoin has clear potential for growth in our view."
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