According to an article on Cryptocoin News today(1), Big banks like Bank of America and Morgan Stanley urge investors not to be optimistic about bitcoin as it rises in value.
Not surprising that a regulated greedy, corporation is scared of the implications that they will someday no longer be relevant (my shared opinion). They watch the trends closer than we do as the market cap for cryptocurrencies increase.
Their position is that cryptocurrencies are more investment vehicles than actual fiat. Francisco Blanch of BoA says that the returns rely on price appreciation that will mainly depend on faith from financial institutions, corporations and individuals.(1)
Since the USD has not been backed by gold since the late 70's it is considered fiat, thus also based on faith that it will be accepted as currency. There is literally nothing backing the Dollar.
Hypocrites if you think about it... self-serving hypocrites.
(1) Source: Cryptocoinnews.com
(2) Author: Jerokiah Darr - My views are expressed as opinion.
Thank you for reading, be sure to do your own research with diligence to stay informed on the relationship between cryptocurrency and the traditional markets.