BREAKING NEWS

Metro

World

Spiritual

17 Dec 2017

BE WARNED: Bitcoin Is Not Money, It Is Not Universally Accepted - Experts

The chairman of Swiss banking giant, UBS, Axel Weber, has said that bitcoin is not an effective means of payment, since it is not universally accepted.
He added that the cryptocurrency is not a good measure of value, since prices are not written in bitcoins, and it is not an effective way to store value, since it is inherently unstable.

Weber said in an interview on Sunday that he did not consider the soaring cryptocurrency bitcoin as money and called for regulators to intervene.

Bitcoin prices have surged this year from less than $1,000 in January to $17,000 last week, after trading in the digital currency began on the Chicago Board Options Exchange — the first time it has appeared on a traditional platform.

But in an interview with the NZZ am Sonntag weekly, Weber warned investors against jumping on the bandwagon, saying the bubble would inevitably burst.

“In my opinion, bitcoins are not money,” he said, adding that the virtual currency had significant “design flaws.”

Money is meant to fulfil three main functions and bitcoins fail at all of them, he said.

“The currency is not an effective means of payment, since it is not universally accepted; it is not a good measure of value since prices are not written in bitcoins, and it is not an effective way to store value, since it is inherently unstable,” he said.

The main problem, he said, is that with no central bank and no issuer controlling the supply, the value is determined solely by demand, which leads to “huge price fluctuations in both directions.”

UBS has decided to advise clients against investing in the virtual currency, he said, because the bank does “not consider it valuable and not sustainable.”

To protect investors who do not take the bank’s advice, “regulators are needed,” Weber said. (AFP)

THINK YOUR FRIEND WOULD BE INTRESTED? SHARE THIS STORY USING ANY OF THE SHARE BUTTON BELOW ⬇

PLACE YOUR TEXT ADVERT BELOW:>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

( FREE ) secret Fruits that Increased My Manhood size and Lasting Power in 7-days... CLICK HERE TO GET IT

Warning To Men: This 3 Foods Is Killing Your Erection. Click Here To Know Them

Loading...

SHARE YOUR STORY WITH US VIA EMAIL: INFO@247NIGERIANEWSUPDATE.CO

RECEIVE NEWS VIA OUR WHATSAPP, KINDLY TEXT +234 701 056 0394 TO ADD YOU

CLICK HERE TO JOIN US ON OUR YOUTUBE CHANNEL FOR NEWS UPDATE

CLICK HERE TO JOIN US ON TWITTER FOR INSTANT NEWS UPDATE: @247NGNEWSUPDATE

CLICK HERE TO JOIN MILLIONS AROUND THE GLOBE TO READ NEWS ON OUR FACEBOOK FAN PAGE

FOR INSTANT UPDATES ON INSTAGRAM CLICK HERE

RECEIVE INSTANT NEWS UPDATE VIA OUR BBM BROADCAST: D3EDEFDF

Post a Comment

 
Copyright © 2015 247 Nigeria News Update
Website by Tech Guardian