Bitcoin has "clear potential for growth" and could become a major means of payment for online transactions and money transfers, a Bank of America analyst told CNBC on Thursday.
The digital currency could hit a market capitalization of $15 billion on its way to becoming similar to a store-of-value commodity like silver, David Woo said in a CNBC interview.
Woo, head of global rates and currencies research, spoke on CNBC's "Squawk on the Street" after writing BofA's first assessment of bitcoin. His note is a reflection of the attention the fledgling currency has received from investors—and government regulators. On Thursday, the People's Bank of China outlawed the country's banks from using it, leading some to cash in on their investments.
(Read more: Bitcoin crashes 20% on China clampdown fears)