Swiss investment Bank notes the discrepancy between the function of Bitcoin to the current state of using it.
One of the largest investment banks in the world in his comments about the growth and acceptance of cryptocurrency noted a number of shortcomings, such as scalability and volatility of prices, especially associated with the first crypto-currency Bitcoin.
United Bank of Switzerland (UBS), an investment Bank and a company providing financial services, has joined the list of opponents of Bitcoin, putting on an obvious disadvantage of the cryptocurrency and noted that price volatility will continue to alienate the average person from using it as money.
Every drop of the stock market cause the appearance of the crowd of critics
According to the publication, CNBC, strategist at UBS ‘ Joni Teves said in his message to customers that Bitcoin should not be considered “legitimate asset class,” adding that the increased regulatory requirements are still warranted, as the cryptocurrency is experiencing technical difficulties related to scalability.
“Bitcoin is still unstable and limited to be a viable means of payment or a major asset class. Due to the lack of price stability, Bitcoin does not meet the criteria which must be met in order to qualify as money,” he said.
As soon as the price of Bitcoin continues to fall toward $7,000 and extend the bearish trend 2018, critics of the cryptocurrency, based on price volatility, it seems, began to appear in droves. Despite the belief of many in Scripturally that ETF on Bitcoin will eventually overcome the barrier and get the approval of the SEC, UBS remains skeptical about the ability of BTC to function as money.
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Tags: Bitcoin ETF to SEC UBS investment Switzerland