o3n [ozone] blockchain layer

Blockchain source

Menu
  • Cybersecurity services
Menu

‘Lack Of Stability’ Among Factors Preventing Global Bitcoin Breakout, Says UBS Strategist

Posted on August 3, 2018 by nbelov

Bitcoin still has to grapple with volatility, scalability, and regulators before becoming a “legitimate asset class,” says Swiss bank UBS.

Swiss-based investment bank and financial services company the Union Bank of Switzerland (UBS) said that Bitcoin’s (BTC) scalability and volatility are still too high for the cryptocurrency to be used as “money,” CNBC reported August 2.

In a note to clients, UBS strategist Joni Teves claimed that until regulatory support is in place and technical hurdles are overcome, Bitcoin could not become a “legitimate asset class,” underlining,

“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.”

Bitcoin has enjoyed increasing attention from institutional investment sources as prices staged a comeback in July, with many expecting major steps forward in terms of adoption through the second half of the year.

Approval of a Bitcoin exchange-traded fund (ETF) from U.S. regulators is widely considered potential grounds for a seismic shift in sentiment, while global trading and techfirm Susquehanna this week told CNBC a major investment source interacting with Bitcoin would spark a similar watershed moment.

UBS has traditionally been highly bearish on cryptocurrency, in May opting not to offer any related products or services to clients.

Analyzing Bitcoin’s historical price data, Teves appeared to continue the vote of no confidence, noting that Bitcoin cannot “handle the volume of transactions processed by mechanisms being used in the real world.”

Earlier this week, UBS had claimed in a report that Bitcoin would need to trade at around $213,000 in order to replace the U.S. money supply. Cryptocurrency industry figures have meanwhile calculated a price of around $223,000 to convert the entire world’s fiat money supply to Bitcoin.

Source: Cointelegraph https://cointelegraph.com/

Recent Posts

  • The blockchain brief: What payments industry professionals should understand about Web3 domains – The Paypers May 19, 2022
  • Nifty News: BAYC floor price drops 50%, Lonely Apes doesn’t attract women, and more May 19, 2022
  • The Dept. of Commerce has 17 questions to help develop a crypto framework May 19, 2022
  • Coinbase launches new crypto think tank to help shape policies May 19, 2022
  • 'Huge testing milestone' for Ethereum: Ropsten testnet Merge set for June 8 May 19, 2022
  • Jamiroquai to Bring 'Virtual Insanity' to The Sandbox Blockchain Metaverse – Metaverse Bitcoin News – Bitcoin News May 19, 2022
  • Crypto Platform Hack Rocks Blockchain Community – Bloomberg May 19, 2022
  • Defiant Chinese netizens skirt lockdown censorship using blockchain – Financial Times May 19, 2022
  • Crypto jobs market holding up despite tech industry cutbacks May 19, 2022
  • Vietnam Blockchain Association Affirmed Their Objectives And Missions In Industry 4.0 – GlobeNewswire May 19, 2022
  • Novogratz says LUNA tattoo is a constant reminder investing 'requires humility' May 19, 2022
  • 'Grim Reapers' financial crimes unit revived to investigate Terra collapse May 19, 2022
  • $3B flows to Metaverse and Web3 gaming this month as A16z’s tips in $600M May 19, 2022
  • Russia will inevitably legalize crypto payments says trade minister May 19, 2022
  • South Africa's Sinan Energy launches carbon tokenization blockchain platform – CoinGeek May 19, 2022
  • NY Department of Financial Services Outlines How Blockchain Analytics Should Be Used for Compliance – JD Supra May 19, 2022
  • LimeWire Signs Deal With Universal Music for Music NFT Licensing, Blockchain Gaming in Focus – CoinDesk May 18, 2022
  • SEC chair uses crypto enforcement in justification for FY2023 budget May 18, 2022
  • Blockchain defies a key UX tenet – hackernoon.com May 18, 2022
  • Blockchain Data Indicates $10M Worth Of Ether From The Ronin Exploit In Rotation – Geeks World Wide May 18, 2022
  • Today in FinTech: Bamba Snags $3.2M; Block Shifts Focus to Blockchain – PYMNTS.com May 18, 2022
  • Candidate supported by Bankman-Fried-linked PAC loses Oregon primary May 18, 2022
  • Blockchain Data Indicates $10M Worth Of Ether From The Ronin Exploit In Rotation – NewsBTC May 18, 2022
  • Socios fan tokens rally 40%+ after Chiliz rolls out mainnet upgrade and token burn plan May 18, 2022
  • Blockchain and SWIFT’s dominance in global finance – VentureBeat May 18, 2022
  • Was Terra’s UST cataclysm the canary in the algorithmic stablecoin coal mine? May 18, 2022
  • Industrial Blockchain Market to Increase Exponentially During 2027 – NewsOrigins May 18, 2022
  • Crypto and Blockchain Get a Gut Check on Risk and Stability – Yahoo Finance May 18, 2022
  • Meta trademark filing hints at plans for crypto payments platform May 18, 2022
  • Price analysis 5/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB May 18, 2022

Ad

Ad

©2022 o3n [ozone] blockchain layer | WordPress Theme by Superbthemes.com