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.
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