The bitcoin rate, which fell by a third relative to its maximum, could fall to zero if it is not accepted as a means of payment. This forecast was voiced by experts of the investment bank Morgan Stanley according to the results of the research of the crypto currency market, writes Business Insider.
The reason for the possible drop in the bitcoin rate may be that only a few are ready to accept it as a means of payment, analyst James Fawcett notes. According to Morgan Stanley, out of 500 of the world’s largest online retailers, only three players take bitcoin as a settlement. This fact, analysts believe, indicates that bitcoin may depreciate in the future.
“If no one accepts this technology to make payments, then the cost of [bitcoin] will be zero,” Fawcett said.
The low volume of trading in crypto currency will also help to reduce the rate. The daily trading volume of bitcoin is now about $ 3 billion, while the average daily trading volume in the global foreign exchange market is about 5.4 trillion dollars, the newspaper writes.
The network of bitcoins and a large volume of transactions can not boast: the daily volume of bitcoin transactions is $ 300 million, while on the basis of the Visa system, about $ 17 billion is spent every day.
Earlier, the co-founder of Bitcoin.com sold his bitcoins – Emil Oldenburg criticized bitcoin, calling investments in it “the most risky investments that can be implemented.”