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.
According to Bloomberg, a new report by UBS suggests that BTC cannot currently be considered money or a viable asset as its versatility is stymied by the capacity constraints of the BTC network.
The report says: “Our findings suggest that Bitcoin, in its current form, is too unstable and limited to become a viable means of payment for global transactions or a mainstream asset class.”
The report states that while digital currencies can potentially become an alternative asset class, their prices are likely to remain volatile.
The volume of BTC used in commerce declined significantly during the last year since its peak of $411 million in September 2017, per a recent survey by market research firm Chainalysis.
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.
The investigator, Jameson Lopp, compiled archived emails from 2010, data from a 10-mile race in California in 2009 and other evidence to make the argument.
Cryptocurrency tracking instruments traded on established equity exchanges allow institutional and retail investors to gain exposure to digital assets. Now there is a new option to invest in bitcoin cash (BCH) with an exchange traded product in one of the most advanced markets in the world.
Ripple has been making some groundbreaking movements to gain more coverage and acceptance for its native token XRP. Recently it launched out in Switzerland with a new office for the purpose of selling XRP to institutional investors.
Bitcoin Press Release: Initium Group – a future corporate banking group that will focus on providing traditional banking services in five jurisdictions to companies operating in the new digital economy – announced its official launch at a press conference in the Swiss financial capital this Tuesday, 12th February 2019.
Zurich, Switzerland, September 21st, 2018 – Cryptocurrency payment solution UTRUST has announced that it has secured a partnership with Ethereum Classic Dev Team, signing a Memorandum of Understanding (MoU).
