Bloomberg reports that the Zurich investment Bank Union Bank of Switzerland (UBS) vstupil a statement that the price of bitcoin (BTC) should be almost 213.000 USD to replace the U.S. dollar as money.
UBS believes that BTC currently cannot be considered as money or a viable asset because its use is reduced to zero the bandwidth limitations of the network of BTC.
The results of our study show that bitcoin in its current form is too unstable and limited to be a viable means of payment for transactions at the global level or to move to a class of fixed assets.
The report says that while digital currency could potentially become an alternative asset class, the price will probably remain volatile. The amount of BTC used for trading activities, have decreased significantly over the past year, from September 2017, when it had reached a record 411 million U.S. dollars.
See also – Bitcoin as a means of payment: how are things really?
Although the UBS report says that the effectiveness of the BTC network needs to improve significantly to become an effective form of payment, some evangelists cryptocurrency think a leading digital currency will become the only method of payment.
In March, the CEO of Twitter and payment service Square Jack Dorsey said that he believes that BTC is the only currency of the future, the adoption of which is “perhaps more than ten years.”