Bitcoin / Bitcoins / Crypto Currency

Bitcoin: A first Assessment

Just read that. Good grief. It isn't much more elevated than the analysis in this thread. Particularly amusing lines:

this is a very rough calculation and we have made a lot of big assumptions

Those assumptions include:

• 10% of US online B2C transactions taking place in BTC, giving BTC dollar value of $1bn.
  
• US GDP accounting for 20% of world GDP, with penetration of e-commerce globally reaching US levels (!?), scaling BTC dollar value to $5bn.
  
  

And voila! Save that they manage to cook up another $10bn value from the similar flights of fantasy.

Summary - BAML are having a laugh, BTC overvalued by a factor of 10 plus.