RATE Group | UBS: Bitcoin Can Replace Fiat Money When It Hits $213,000
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UBS: Bitcoin Can Replace Fiat Money When It Hits $213,000

04 Aug UBS: Bitcoin Can Replace Fiat Money When It Hits $213,000

Posted at 11:32h in Bitcoin News by

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Bitcoin will eventually replace the U.S. dollar and all other fiat currencies. When this will happen, nobody knows. However, a recent UBS study concludes that for Bitcoin to replace the U.S. currency, it has to reach a value of about $213,000 USD.

Money and Traditional Banking Systems Are Obsolete

Fiat money and traditional banking are a three-thousand-year-old concept and technology, which cannot efficiently support today’s economic model. Therefore, they have to be replaced by a neutral, borderless, and frictionless system, such as a decentralized peer-to-peer electronic cash system: Bitcoin.

According to the UBS report, Bitcoin needs to have a value of USD 213,000 to replace the U.S. dollar. In addition, Bitcoin needs to be “considered money or even a viable asset class.”

Granted, Bitcoin is not yet mature enough. It still requires a greater capacity for speedily processing high volumes of micropayments. In this regard, the UBS study states:

Our findings suggest that…

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