As Bitcoin hovers around the USD7500 mark, Swiss multinational investment bank UBS argues the crypto has not yet evolved enough for a mainstream uptake.
UBS strategist Joni Teves, in a note to clients, said: “Bitcoin is still too unstable and limited to become a viable means of payment or a mainstream asset class… Owing to its lack of price stability, bitcoin falls short of criteria that need to be satisfied to be considered money”.
Coindesk data shows Bitcoin has fallen around 50% in 2018. However, in pure year-on-year comparison terms, Bitcoin has increased from around USD4000 in Aug-2017 to USD7500 in Aug-2018.
Stay updated here with how the cryptocurrency is tracking:
More Like this
- Bitcoin Watch – Bitcoin surges above USD11,000 but Ethereum Founder warns against investingFebruary 20, 2018
- Bitcoin Watch – Bitcoin climbs and eyes USD10,000May 4, 2018
- Bitcoin Watch – Bitcoin hovers above USD7,000 but expected to drop even furtherApril 3, 2018
- Bitcoin Watch – Sweden could launch the world’s first central bank operated crytocurrencyApril 20, 2018
- Bitcoin Watch – Cryptos recover after significant losses over the last weekJuly 17, 2018
- Bitcoin Watch – Bitcoin continues to climb but many remain scepticalJuly 20, 2018
- Bitcoin Watch – Bitcoin drops below USD8,000 and becomes hot topic of upcoming G20March 16, 2018
- Bitcoin Watch – Bitcoin once again cracks the USD10,000 markFebruary 16, 2018
- Bitcoin Watch – Bitcoin price dives as Bitfinex and Tether get subpoenaedJanuary 31, 2018
- Bitcoin Watch – Bitcoin decline due to a price manipulation scandalMay 25, 2018
- Bitcoin Watch – Coinbase faces federal class action lawsuitsMarch 7, 2018
- Bitcoin Watch – Investment research firm Fundstrat predicts Bitcoin could rise to USD64,000 in 2019May 11, 2018