Union Bank of Switzerland [UBS] is doubtful about Bitcoin replacing the dollar. According to a report by the UBS, either the BTC prices should hit $213,000 or there should be an upgrade to it network processing for it to unseat the dollar. The report states that Bitcoin is not even in the viable assets class yet. “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 said.
Bitcoin blockchain is only capable of processing half the volume of transactions compared to Visa.Inc. This blemish could limit the potential of the cryptocurrency. Cryptocurrencies like EOS has faster transactions than Bitcoin, yet the coin continues to be the king of cryptos. Last year, the UBS released a report suggesting that cryptocurrencies becoming a mainstream medium for exchange is dubious. “The need for companies and individuals to pay tax receipts in government-issued currency, and the potentially unlimited crypto-money supply, pose significant barriers to widespread adoption,” states the report.
Image via Shutterstock
Join our telegram group