Bank of America Corp
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Financials : Banks | Large Cap Value
Company profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S. Trust, Bank of America Private Wealth Management; Global Banking, which provides a range of lending-related products and services; Global Markets, which offers sales and trading services, and All Other, which consists of equity investments, residual expense allocations and other.

Postmarket

Last Trade
Delayed
$35.49
-0.04 (-0.11%)
Bid
--
Ask
--
B/A Size
--

Market Hours

Closing Price
$35.53
Day's Change
-0.26 (-0.73%)
Bid
--
Ask
--
B/A Size
--
Day's High
35.94
Day's Low
35.50
Volume
(Light)
Volume:
41,124,903

10-day average volume:
56,491,969
41,124,903

UPDATE: Realization 'cash is trash' could soon see bitcoin price hitting $500,000, says Tyler Winklevoss

1:34 pm ET December 1, 2020 (MarketWatch)
Print

Mark DeCambre

The Winklevoss twins see bitcoin's market value one day hitting $9 trillion

That is Tyler Winklevoss on CNBC Monday morning explaining his bullish outlook for bitcoin, the world's most popular and most controversial cryptocurrency.

Appearing on the business network Monday, with his business partner and twin Cameron, Tyler explained the merits of bitcoin and why the blockchain-underpinned asset could one day change hands at around $500,000, boasting a market value of some $9 trillion, though he didn't provide a specific timetable for such a surge in the interview.

"We think bitcoin's here to stay," said Tyler, who explained that his prediction for much higher prices for bitcoin are based on a number of factors but not least of all the recognition by high-profile investors, including Paul Tudor Jones (https://www.marketwatch.com/story/hedge-fund-boss-who-called-the-87-crash-and-made-timely-call-on-gold-now-says-if-i-am-forced-to-forecast-my-bet-is-it-will-be-bitcoin-as-the-best-inflation-hedge-2020-05-07) and Stanley Druckenmiller (https://www.forbes.com/sites/billybambrough/2020/11/12/a-legendary-hedge-fund-billionaire-just-flipped-to-bitcoin-calling-it-better-than-gold/?sh=340da41b222f), who have recently "extolled the virtues" of the nascent asset, which was created in 2009.

Cameron on Monday said that bitcoin is "really an emergent store of value" and "just needs to be better than gold" to see its overall value climb over time.

The comments from the prominent bitcoin bulls come as the asset was staging a fresh assault on records after a Thanksgiving tumble saw it skid by more than 10% (https://www.marketwatch.com/story/3-bearish-factors-sent-bitcoin-prices-reeling-and-2-bullish-ones-may-buoy-it-11606497683), amid fears of tightened regulation and concerns that it the crypto had risen too far and too fast.

Read: Bitcoin Could Hit $500,000, the Founder and CEO of ARK Invest Says (https://www.barrons.com/articles/bitcoin-could-hit-500-000-according-to-ark-invests-catherine-wood-51605906264)

At last check, bitcoin prices on Monday were up 5.3% at $19,142, after touching a recent nadir at $16,714 on Thanksgiving, according to CoinDesk.

Bitcoin's stratospheric rise comes as the Dow Jones Industrial Average is up 5% so far this year, the S&P 500 index has gained over 12% during the same period and the Nasdaq Composite Index has advanced 35% in the year to date. Gold (ABX.T), meanwhile, has climbed 19% thus far this year and is staging a reversal of much of its rally as viable COVID-19 vaccines emerge.

Tyler said that "thoughtful" regulation is already baked into the price of bitcoin and predicted that it will be the best-performing asset of the next 10 years after enjoying a historic rally since its inception 11 years ago.

"If bitcoin can be used as a currency, then its [value] is even higher," said Tyler, who runs Gemini, the digital-currency exchange, that he founded with his twin brother.

The duo have reinvented themselves as bitcoin pioneers, using proceeds from a legal settlement with Facebook Inc. (FB) over who came up with the idea for the social network run by CEO Mark Zuckerberg.

-Mark DeCambre; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

December 01, 2020 13:34 ET (18:34 GMT)

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