Cryptocurrencies
Bitcoin Needs to Hit $213,000 to Replace Money Supply, UBS Says
- Speculative demand seen accounting for 70% of changes in price
- Structure, high volatility act as limitations, analysis says
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Bitcoin evangelists preach that the virtual currency will one day supplant the dollar.
UBS says they may have to wait a while since it can’t be considered money or even a viable asset class yet. For Bitcoin to replace U.S. money supply -- paper bills, coins, travelers’ checks and the like -- its price could need to hit nearly $213,000, or its network’s processing capabilities would need to dramatically improve, a new report by UBS found.