Bitcoin Must Reach This Level To Replace U.S. Money Supply, Says UBS

(Kitco News) – Crypto bulls will need to be very patient if they ever want to see bitcoin replace the U.S. money supply, such as paper currency, cheques, and coins, according to UBS.

For the popular cryptocurrency to be taken seriously, it needs to trade at a whole other level — at nearly $213,000 per bitcoin to be precise, Bloomberg quoted a new report published by the investment company as saying.

“Our findings suggest that Bitcoin, in its current form, is too unstable and limited to become a viable means of payment for global transactions or a mainstream asset class,” UBS wrote.

Bitcoin could also become more recognizable by improving its network capabilities, which currently lack the processing power to handle many transactions at once, especially when compared to companies like VISA, according to the report.

Until this point is fixed, bitcoin will continue to struggle when it comes to wider adaptation and growth.

One of the main concerns with bitcoin will…