BIS Report: Bitcoin Has Failed To Prove It’s A Store Of Value

The latest BIS report announced that Bitcoin and other cryptocurrencies have failed to provide a reliable means of payment and store of value as we are about to read further in the Bitcoin latest news.

The BIS report along with the G7 regarded stablecoins as a material for mass adoption but Bitcoin didn’t get as much praise. The research claims that BTC and other cryptocurrencies didn’t manage to prove they are a store of value neither did they found an attractive means of payment way to become adopted in the mainstream. The report also elaborated by citing the exaggerated rhetoric of Bitcoin’s scalability issues and of course, the scope for illicit activity. For BTC, the report is relatively inconsequential since, in reality, it marks the 378^th time that it has been pronounced ‘’ dead.’’ Of course, some other points are not entirely unjustified but the hyperbolic statements that Bitcoin has failed to be what it claims to are simply too much and here is why.

Looking at the basics, after a decade from its first minting, BTC gained a monumental 9,874,900% and from the very first known price of about $0.08 over a decade ago, the cryptocurrency managed to reach a current price of $7,900. Bitcoin has also exhibited more growth than any other asset including its counter-part, gold. This trend looks to that it will continue since looking at the Bitcoin’s year on year gains we can see that it has consistently grown regardless of the many burst bubbles. This is a pretty well-evidenced case by looking at the yearly lows of the cryptocurrency and after each parabolic movement and subsequent retrace, the price of bitcoin has stabilized well above the previous yearly low.
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Furthermore, in spite of the BIS report, it appears that BTC is gaining traction as a macro hedge and it seems that Grayscale shows that the rising geopolitical tension is having a direct impact on the bitcoin’s price action. One of the clearest examples for this was seen after Trump’s tariff increase on the Chinese import back in May where BTC cited a significant gain over the contemporary safe-haven assets such as the Japanese yen and gold.