Swiss-based investment bank and financial services company the Union Bank of Switzerland (UBS) said that Bitcoin’s (BTC) scalability and volatility are still too high for the cryptocurrency to be used as “money,” CNBC reported August 2.
In a note to clients, UBS strategist Joni Teves claimed that until regulatory support is in place and technical hurdles are overcome, Bitcoin could not become a “legitimate asset class,” underlining, “Bitcoin is still too unstable and limited to become a viable means of payment or a mainstream asset class.
Approval of a Bitcoin exchange-traded fund (ETF) from U.S. regulators is widely considered potential grounds for a seismic shift in sentiment, while global trading and techfirm Susquehanna this week told CNBC a major investment source interacting with Bitcoin would spark a similar watershed moment.
UBS has traditionally been highly bearish on cryptocurrency, in May opting not to offer any related products or services to clients.
Cryptocurrency industry figures have meanwhile calculated a price of around $223,000 to convert the entire world’s fiat money supply to Bitcoin.
Could Bitcoin reach the heights that its proponents have always claimed? The question about the world’s premier cryptocurrency reaching its $20,000 highs of last December is making a comeback with the potential Bitcoin ETF coming to town.
Unfazed by Bitcoin’s extended correction, the most devout crypto faithful maintain that Satoshi’s peer-to-peer digital currency may one day replace the dollar. According to UBS, the largest Swiss banking institution in the world, this prophecy won’t come to light any time soon.
Unfazed by Bitcoin’s extended correction, the most devout crypto faithful maintain that Satoshi’s peer-to-peer digital currency may one day replace the dollar. According to UBS, the largest Swiss banking institution in the world, this prophecy won’t come to light any time soon.
Специалисты инвестиционного банка UBS рассказали, что на сегодняшний день курс bitcoin слишком волатильный, чтобы позволить ему стать полноценной формой денег. Об этом пишет CNBC со ссылкой на доклад финансовой организации.
According to Union Bank of Switzerland (UBS), Bitcoin's extreme volatility and instability put too much limitations on it to be considered as a mainstream asset class.
The post Union Bank of Switzerland Says Bitcoin Should Hit $213,000 to Replace U.S. Dollar appeared first on CoinSpeaker.
The Swiss financial UBS holding again came out to criticize bitcoin, while acknowledging that in the future bitcoin will be able to replace fiat currencies, but currently bitcoin does not fit this role.
Investment bank UBS thinks bitcoin is neither money nor a viable asset class – not yet at least. Published by UBS strategists, the report concludes that bitcoin “falls short of criteria that need to be satisfied to be considered money.
Zurich-based investment bank and financial services company Union Bank of Switzerland (UBS) has said that the Bitcoin (BTC) price must hit nearly $213,000 to replace U. S. money supply, Bloomberg reported August 2.
Zurich-based investment bank and financial services company Union Bank of Switzerland (UBS) has said that the Bitcoin (BTC) price must hit nearly $213,000 to replace U. S. money supply, Bloomberg reported August 2.
Blockchain technology has many benefits that lend themselves nicely to capital markets. As fears of disruption and job losses begin to subside, smart traders and asset managers are waking up to the possibilities.
Марк Хэфеле, один из руководителей UBS, сделал заявление, из которого следует, что швейцарский фин. холдинг не планирует инвестировать в первую криптовалюту. Причинами для такой позиции стало полное отсутствие государственного контроля над сферой оборота цифровых валют.
UBS Group CEO Sergio Ermotti is not a fan of cryptocurrencies. However, he said that blockchains could be used to reduce costs in the financial services industry and noted that it could help in improving gross margins.
On June 29, 2018, Bloomberg will host a half-day, invitation-only "The Future of Cryptocurrencies" event at Bloomberg’s offices in the heart of London, England. The event will focus on the future of cryptocurrencies, where subject-matter experts and leading industry players from the virtual currency market will discuss crypto's regulatory future, the factors driving its volatility and potential trading strategies.
George Friedman, a well-respected Hungarian-born U. S. geopolitical forecaster and strategist on international affairs, believes blockchain technology will eventually become “obsolete” — and he may be right.
