Loading...

BE WARNED: Bitcoin Is Not Money, It Is Not Universally Accepted - Experts

Loading...
BE WARNED: Bitcoin Is Not Money, It Is Not Universally Accepted - Experts - Hallo friendsBreaking News Today, In the article you read this time with the title BE WARNED: Bitcoin Is Not Money, It Is Not Universally Accepted - Experts, We have prepared this article for you to read and retrieve information therein. Hopefully the contents of postings Article culture, Article News, Article politics, Article sports, We write this you can understand. Alright, good read.

Title : BE WARNED: Bitcoin Is Not Money, It Is Not Universally Accepted - Experts
link : BE WARNED: Bitcoin Is Not Money, It Is Not Universally Accepted - Experts

Read too


BE WARNED: Bitcoin Is Not Money, It Is Not Universally Accepted - Experts

The chairman of Swiss banking giant, UBS, Axel Weber, has said that bitcoin is not an effective means of payment, since it is not universally accepted.
He added that the cryptocurrency is not a good measure of value, since prices are not written in bitcoins, and it is not an effective way to store value, since it is inherently unstable.

Weber said in an interview on Sunday that he did not consider the soaring cryptocurrency bitcoin as money and called for regulators to intervene.

Bitcoin prices have surged this year from less than $1,000 in January to $17,000 last week, after trading in the digital currency began on the Chicago Board Options Exchange — the first time it has appeared on a traditional platform.

But in an interview with the NZZ am Sonntag weekly, Weber warned investors against jumping on the bandwagon, saying the bubble would inevitably burst.

“In my opinion, bitcoins are not money,” he said, adding that the virtual currency had significant “design flaws.”

Money is meant to fulfil three main functions and bitcoins fail at all of them, he said.

“The currency is not an effective means of payment, since it is not universally accepted; it is not a good measure of value since prices are not written in bitcoins, and it is not an effective way to store value, since it is inherently unstable,” he said.

The main problem, he said, is that with no central bank and no issuer controlling the supply, the value is determined solely by demand, which leads to “huge price fluctuations in both directions.”

UBS has decided to advise clients against investing in the virtual currency, he said, because the bank does “not consider it valuable and not sustainable.”

To protect investors who do not take the bank’s advice, “regulators are needed,” Weber said. (AFP)


Thus Article BE WARNED: Bitcoin Is Not Money, It Is Not Universally Accepted - Experts

That's an article BE WARNED: Bitcoin Is Not Money, It Is Not Universally Accepted - Experts This time, hopefully can give benefits to all of you. well, see you in posting other articles.

You are now reading the article BE WARNED: Bitcoin Is Not Money, It Is Not Universally Accepted - Experts with the link address https://newstodaysup.blogspot.com/2017/12/be-warned-bitcoin-is-not-money-it-is.html

Subscribe to receive free email updates:

Related Posts :

0 Response to "BE WARNED: Bitcoin Is Not Money, It Is Not Universally Accepted - Experts"

Post a Comment

Loading...