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Bank of America analyst slams Bitcoin: Buying 1 BTC is ‘like owning 60 cars’

Cryptocurrency Mar 19, 2021 12:20AM ET
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Bank of America analyst slams Bitcoin: Buying 1 BTC is ‘like owning 60 cars’

Bank of America (NYSE:BAC) analyst Francisco Blanch has slammed Bitcoin as "exceptionally volatile", "impractical" and an environmentally disastrous asset that's useless as a store of wealth or an inflation hedge.

For good measure Blanch also asserted the cryptocurrency is an impractical method of payment as it can only handle 1,400 transactions per hour compared to the 236 million transactions processed by Visa (NYSE:V).

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Bank of America analyst slams Bitcoin: Buying 1 BTC is ‘like owning 60 cars’
 

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Comments (6)
RichUncle Pennybags
RichUncle Pennybags Mar 19, 2021 3:52AM ET
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Bitcoin is now the coin for the rich. Buy ether, mana, thor, one. Much bigger bang for the buck.
Samui Lo
Samui Lo Mar 19, 2021 3:15AM ET
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Gold is very impracticable can't cut into tiny pieces to buy every environmentally unfriendly to extract etc Bitcoin is like gold, other cryptos can handles 10000 transactions per second, Bitcoin underpins them like gold useto do
Willy Chan
Willy Chan Mar 19, 2021 2:07AM ET
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sour grapes. pathetic!
Humpty Dumpty
WoolyBully Mar 19, 2021 2:02AM ET
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Sounds like big-time panic at BAC, they'll be replaced by Bitcoin virtual credit cards, Bitcoin mortgages, Bitcoin savings and Bitcoin cds.  Francisco a former used car salesman now full time bank and fortune teller.
Brook Buck
Brook Buck Mar 19, 2021 1:31AM ET
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Coalcoin
Hank Reuters
Hank Reuters Mar 19, 2021 1:27AM ET
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This guys opinion is worth less than what I left in the toilet this AM.  -Just another opinion
 
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