Bitcoin failed as a medium of exchange and a store of value

• G7 published a report on the impact of stablecoins.
• Stablecoins have potential, but cryptocurrencies are a failure.

Bitcoin and other cryptocurrencies cannot be considered either a “reliable and attractive” means of payment or a store of value, but stablecoins have potential. These are the conclusions drawn in the statement of G7.

“Given the innovative potential of the underlying technology, crypto assets were originally envisioned to address some of the challenges. However, to date, thy have suffered from a number of limitations, not least severe price volatility. Thus, crypto assets have served as a highly speculative asset class for certain investors and those engaged in illicit activities, rather than a means to make payments,” the report says.

The group of largest and most influential countries that includes the United States, Japan, Germany, France, the United Kingdom, Italy and Canada, published a report on stablecoins. The authors of the…