An analyst at the bank highlights the weak side of the most popular virtual currency in the world.
The price of Bitcoin could become void if the criptodivisa literally is not officially recognized at par with the US dollar and other currencies legal tender, says an analyst at financial giant Morgan Stanley, according picks Business Insider.
"If nobody accepts this technology as a means of payment, then its value would be zero," reads the statement of the specialist James Faucette and his team of consultants, sent to the clients of the entity.
Specifically, Faucette refers to the acceptance of electronic currency between online currency buying and selling platforms. The analyst attached a table where he analyzes the scenario in which bitcoin operations are no longer admitted by these platforms and the consequent contraction of the virtual currency market. In addition, the analyst stressed that bitcoin differs from official currencies, since it does not have an associated interest rate. And at the same time, it differs from gold since it does not have an intrinsic use. Finally, Faucette highlighted that the virtual currency market is substantially lower than the official foreign currency, with an average daily volume of 3,000 million and 5,400 billion dollars, respectively.
However, the data from the online platform Coinmarketcap contradict the values mentioned by Faucette and indicate a daily market volume of 27,000 million dollars, of which 11,500 million dollars correspond only to the bitcoin.
In turn, the founder of the famous antivirus program and great bitcoin enthusiast, John McAfee, attributed the recent drop of more than 25% of the cryptocurrency to stationary factors and maintains his faith that the price will grow exponentially in the future.
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