Representation of the digital forex Bitcoin is seen on a motherboard on this image illustration taken April 24, 2020.

Dado Ruvic | Reuters

Bank of America believes there’s just one reason to own bitcoin: speculation on its rising worth.

“Bitcoin has … become correlated to risk assets, it is not tied to inflation, and remains exceptionally volatile, making it impractical as a store of wealth or payments mechanism,” Francisco Blanch, a commodity and derivatives strategist with the financial institution, mentioned Wednesday in a be aware to shoppers.

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