Experts at investment Bank Morgan Stanley, led by analyst James Fawcett said that the exchange rate of bitcoin (Bitcoin) can fall to zero if the world begins to accept it as means of payment. The results of the study cryptocurrency market professionals shared with customers in a special research note, reports Business Insider.
It is noted that the reason for the possible decline in the exchange rate of bitcoin can be that to accept it as means of payment is now ready only one. According to the investment Bank, of the 500 largest global online retailers as a means of payment bitcoins take only three players. This fact, say analysts, suggests that bitcoin may in the future depreciate.
“If no one will adopt this technology to make payments, then the price (of bitcoin) will be zero,” said Fawcett.
According to him, the depreciation will also contribute to the low trading volume of the cryptocurrency. Daily trading volume of bitcoins is now about $ 3 billion, while the average daily trading volume on the global Forex market is about 5.4 trillion dollars.
According to the newspaper, can not boast of the bitcoin network and large volume of transactions: daily transaction volume of bitcoin is $ 300 million, while on the basis of Visa’s daily operations is approximately $ 17 billion.
“You can consider bitcoins as a currency? No. No interest rates related to bitcoin. Digital gold? Maybe. But it has no practical applications, whereas gold is used in electronics and jewelry. However, investors assign to him some value. This payment network? Yes, but it is very difficult to scale and do not take transaction fees,” explained Fawcett.
We will remind, last week the exchange rate of bitcoin lost nearly 20% per day and 40% of previously obtained maximum of 19 thousand dollars for 1 BTC. 22 Dec “digital gold” fell to a level of 11.8 thousand dollars per coin.