UBS: ‘Lack of Stability’ Preventing Bitcoin Going Mainstream

Bitcoin (BTC)–One of the world’s largest investment banks has commented upon the rise of cryptocurrency, and found fault with the scalability and price volatility associated with Bitcoin.

The Union Bank of Switzerland, an investment bank and financial services company, has joined the list of Bitcoin detractors who point out the obvious flaw with the currency: price volatility will continue to repulse the average person from using it as a form of money. As reported by CNBC, UBS strategist Joni Teves wrote in a letter to clients that Bitcoin should not be considered a “legitimate asset class.” The strategist warned that increased regulatory support is still warranted, and that technical hurdles related to scalability continue to prevent the coin from going mainstream. In addition, he also found fault with the price volatility–a refrain that has become common in and outside of the industry–that makes Bitcoin difficult to use as a regular currency,

“Bitcoin is still too…