The Global Investment Bank stated that Bitcoin is still not stable enough in order to become mainstream money. UBS thinks that bitcoin has a lot of problems that need to be solved if bitcoin wants to get that mainstream attention and adoption. Some of the factors that prevent bitcoin from doing so are its constant price fluctuations and its technological limits as well.
UBS’s macro strategist Joni Teves said that bitcoin is very limited and thus cannot become a serious and credible means of payment and also noted that what she believes to be the biggest problem is the price instability which is why bitcoin can’t be considered as real money.
Bitcoin doesn’t fulfill the most important criteria that need to be fulfilled in order to be considered real money. Since the beginning of this year, the price of cryptocurrencies lived through a great decline compared to last December, which is more than a 60% drop. Also, last week we saw bitcoin trading at $8.000 but it went through another decline reaching somewhere about $7.360.
This kind of price fluctuations represents a major concern for short-term investors, but on the other hand, long-term ones find it very rewarding. However, bitcoin did outperform several other investment options and grows constantly for more than 200 percent annually.
Teves also said: “To process Visa’s c.$30 billion of daily transactions using the old core protocol, the block size would need to be 18.8MB instead of 1MB, or the price would have to be around $187,611,”.
She does, however, believe that cryptocurrencies especially bitcoin has a really great future and can be considered a ‘’legitimate asset’’.
Scott Galloway Of UCLA Believes Crypto Will Get Worse In 2019
‘’VR and crypto go from bad to worse. AI fails to live up to the hype. 3D printing rises from the ashes. Smart cameras become a hot category.’’His assessment seems to be accurate but can the crypto market prove to be the odd one out? This can be so since many industries are really committed to the crypto sector. Companies such as Fidelity, ICE, and Nasdaq have funded at least five projects in the crypto space over the past year. Venture capitalist Jim Breyer even said:
“So many of the very best computer scientists and deep learning Ph.D. students and postdocs are working on blockchain because they have so much fundamental interest in what blockchain can mean. You don’t want to bet against the best and brightest in the world.’’
Pantera Capital CIO: “Bitcoin Will Not Succeed As Money”
"Bitcoin created the ability to send money around the globe cheaply and easily without having to trust a third party," Krug was confident.He also went on to discuss several revolutions in the past, from the information revolution triggered by printing press up to the telegram, telephone, radio, television and finally, the Internet. When asked about finance, Krug believes that the industry has made leaps of progress such as increases in execution speeds, online user interfaces, brokers etc. However, he stated that a financial revolution powered by the blockchain could advance us into a next era where money, value and finance will all be coordinated thanks to crypto.
"This infrastructure will be borderless, cheap, quick, and, most importantly, will let people trade on things they’ve never been able to exchange before, and if markets for those don’t exist yet, it’ll let them create it," Krug concluded.
Scottish Man Sentenced To Prison For Buying Firearms On The Dark Web With BTC
‘’You claim that you had no intention of causing harm to anyone but the fact remains that you went to considerable lengths to get hold of a potentially lethal weapon and ammunition. You must have appreciated that this was unlawful. For this conduct you must be punished.’’This case is only a number in the series of similar cases where bitcoin is used to carry out illegal activities on the dark web.
American Businessman Still Missing After $950,000 In BTC Ransom Paid
‘’Pavas and Hospital neighborhoods in San Jose – Criminal assault and homicides have been reported in these areas. Gang activity, such as territorial disputes and narcotics trafficking, has been reported in Pavas in the vicinity of the U.S. Embassy.’’There is also another case of kidnapping but in Norway where millionaire’s Tom Hagen wife was also kidnapped. The kidnappers demanded that the ransom should be paid on Monero and that the police must not be involved. However, the police did get involved and said to the public:
‘’Our goal is to find the woman alive and reunite her with her family. In serious crime cases, time is an important factor. We depend on tips that can help us come closer to finding Anne-Elisabeth.’’
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