Bitcoin watchers say the virtual currency could displace Western Union as a way to transfer money from place to place. Here’s what Western Union says about that.
In the hoopla over Bitcoin, some suggest the virtual currency will challenge Western Union as a way for consumers to transfer money between countries. The theory got another boost this week when a report by a Bank of America currency strategist noted Bitcoin’s “clear potential for growth” and observed that Bitcoin’s market cap (see note below) already exceeded that of Western Union.