Bank of America says there's no good reason to own bitcoin other than price speculation

Representation of the virtual currency Bitcoin is seen on a motherboard in this picture illustration taken April 24, 2020.
Dado Ruvic | Reuters

Bank of America believes there's only one reason to own bitcoin: speculation on its rising price.

"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 bank, said Wednesday in a note to clients.