2018-8-3 19:35 |
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.
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.
Cryptocurrency industry figures have meanwhile calculated a price of around $223,000 to convert the entire world’s fiat money supply to Bitcoin.
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