UBS: "Bitcoin could replace the US dollar"
UBS, one of the largest Swiss banks believes that Bitcoin has every chance to take the place of currency fiduciary. It recognizes the growing potential of the flagship cryptocurrency and the scale it will have in the near future.
Reach a certain level
According to a recent 34-page report, the queen of queens in terms of market capitalization among all digital currencies is on track to replace the US dollar, to the extent that it meets certain conditions.
"The price of Bitcoin is expected to reach nearly $ 213,000, where the processing capacity of its network is expected to improve dramatically so that it can replace the US money supply - banknotes, coins, traveler's checks and more ", Read in the document reported by Bloomberg.
Address volatility
Bitcoin is not yet a viable asset because of its unpredictable volatility. In addition, price fluctuations should follow a certain plausible logic for digital money to be considered as an alternative to the dollar."Our results suggest that Bitcoin, in its current form, is too volatile and limited to become a viable means of payment for global transactions or a mainstream asset class," the report added.The use of the largest virtual currency in merchant processing services has fallen in recent times. While Bitcoin's trading volume reached a record high of $ 411 million in September 2017, it dropped to about $ 60 million last May. A study by startup Chainalysis Inc. has published this news.
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