As traditional banks face growing concerns amid forced closures in the U.S., Morgan Stanley suggests that Bitcoin should be shining as a means for people to hold value in private wallets without intermediaries.
However, the largest cryptocurrency appears to be still tied to the traditional banking system, according to a recent research report from the investment bank.
CoinDesk reports that Morgan Stanley acknowledges Bitcoin’s design as a way for individuals to store value in private digital wallets without relying on intermediaries.
Nevertheless, the bank notes that Bitcoin’s price is supported by USD bank liquidity, causing it to trade as a speculative asset rather than a currency. This connection to the traditional banking system undermines Bitcoin’s potential to act independently.
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