Bitcoin rallied to around US$50,000 as Bank of America Corp. strategists threw their weight behind crypto as a new asset class. 

The gain brings prices to the highest since early September, when El Salvador rolled out the cryptocurrency as legal tender. Bitcoin rose as much as 2.8% in New York to touch US$50,369. 

The universe of digital assets is “too large to ignore,” wrote strategists including Alkesh Shah and Andrew Moss. “Our view is that there could be more opportunity than sceptics expect.”

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