Bitcoin Watch – Bank of International Settlements: Bitcoin will never replace money

The Bank of International Settlements (BIS), has warned investors that Bitcoin could “evaporate at any time” and “will never replace conventional money”. BIS released a report on the cryptocurrency which identifies key issues with including: a lack of centralised backing; riddled with problems and could simply stop working and have their value wiped at any time. BIS believes there is “no substitute for the tried and trusted” model of central banks, which stand behind money and help to maintain confidence.

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