As concerns mount about traditional banks following the forced closures in the U.S., this should be bitcoin’s (BTC) “moment to shine,” as holders of the largest cryptocurrency in private wallets should be protected from counterparty risk, Morgan Stanley (MS) said in a research report Monday.
Morgan Stanley notes that bitcoin was designed as a way for people to hold value in a private digital wallet without the need for an intermediary to store the value for them or to enable transactions.
In practice “bitcoin isn't isolated from the traditional banking system,” as its price is supported by “USD bank liquidity making it trade as a speculative asset rather than a currency,” the report said.
(By Will Canny)
All Comments