Published on August 3rd, 2018 | by bitcoin0
Bitcoin should hit $213,000 to replace U.S. Dollar says union bank of Switzerland
According to Union Bank of Switzerland (UBS), Bitcoin’s extreme volatility and instability put too much limitations on it to be considered as a mainstream asset class.
Bitcoin has so far created a lot of hope among investors that it could possibly emerge as a global currency replacing the U.S Dollar in the near future.
On Wednesday, August 2, Bloomberg reported that the Union Bank of Switzerland (UBS) based out of Zurich has recently said that in order to replace the U.S money supply, Bitcoin price should climb to $213,000 per token and above.
The report quotes UBS saying that currently Bitcoin can be considered as a currency or a viable asset class due to the limitations of its network.
Moreover, the extremely volatile nature of Bitcoin and other digital currencies could hold them from potentially emerging as an alternative asset class.