"The FX team at Bank of America (David Woo, Ian Gordan, et al.) produced its first assessment in an extensive 14-page report: http://goo.gl/ktW9eb They have derived a maximum fair value of $1,300. \\ BTC cross-correlation among major assets is covered in: Brière M., K. Oosterlinck and A. Szafarz, “Virtual Currency, Tangible Return: Portfolio Diversification with Bitcoins", SSRN Working Paper N°2324780, 2013. http://goo.gl/40VIxr Despite the extreme BTC-volatilty, they claim BTC-inclusive portfolios will deliver superior mean-variance trade-offs than similar BTC-free portfolios." - Adriano