Bitcoin Endorsed by Wall Street, Dissed by China

The anonymous virtual currency Bitcoin has received an endorsement from Wall Street powerhouse bank, that being Bank of America.

"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," wrote Bank of America currency strategist David Woo in a 14-page note to clients this morning. "As a medium of exchange, Bitcoin has clear potential for growth, in our view."

This was needed good news in the wake of People’s Bank of China announcing restrictions placed on the cyber currency.

The notice in China said Bitcoin was “not a currency in the real meaning of the word” but rather a “virtual commodity that does not share the same legal status of a currency. Nor can, or should, it be circulated or used in the marketplace as a currency.”

The statement also noted that “Ordinary members of the public have the freedom to participate in Bitcoin transactions as a kind of commodity trading activity on the Internet, provided they assume the risks themselves."

- Aaron Goldstein, Gambling911.com