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Under certain conditions Bitcoin could Replace US Dollar says UBS report
Editorial Team

UBS, the Swiss banking giant, said that Bitcoin has a legitimate shot at replacing fiat currency, according to a publication from dailyhodl.com.

Reading the new 34-page report released, the reading discovers UBS saying that the leading cryptocurrency is a contender for replacing the US dollar in case its price or network capacity hits a certain level.

According to Bloomberg, the report states that in order for “Bitcoin to replace U.S. money supply — paper bills, coins, travellers’ checks and the like — it’s price would need to hit nearly $213,000, or its network’s processing capabilities would need to dramatically improve.”

This report also says that the volatility of Bitcoin will remain for a certain time and that it is not yet a viable asset.

“Our findings suggest that Bitcoin, in its current form, is too unstable and limited to become a viable means of payment for global transactions or a mainstream asset class.”

Unfortunately, it is a fact that the amount of Bitcoin being used by real-world merchant processing services has declined. In fact, in September, that amount reached a high of $411 million, but the number decreased to $60 million in May, according to research that startup Chainalysis Inc.

At press time, Bitcoin’s price is $7,562 down from a recent high of $8,404 on July 24.