RATE Group | UBS: Bitcoin ‘too unstable and limited’ to be money or a new asset class
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UBS: Bitcoin ‘too unstable and limited’ to be money or a new asset class

04 Aug UBS: Bitcoin ‘too unstable and limited’ to be money or a new asset class

Posted at 05:27h in Bitcoin News by

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bitcoin
A bitcoin ATM.

AP Photo/Kin Cheung

LONDON — Bitcoin is neither a new type of money or nor a new asset class, according to UBS.

Joni Teves, a global macro strategist at the Swiss bank, said in a note to clients this week that the world’s biggest digital currency is “currently too unstable and limited to become a viable means of payment for global transactions or a mainstream asset class.”

“Owing to its lack of price stability, bitcoin falls short of criteria that need to be satisfied to be considered money,” Teves said.

Bitcoin surged over 1,000% against the dollar in 2017 to reach a peak of around $20,000 in December. It has since crashed to around $7,370 as of Friday.

Teves said bitcoin also has a problem with speculators influencing the price. UBS’…

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