Last week the bitcoin rate, after a rapid growth, fell dramatically by a third, forcing many people to be pretty nervous. Someone has accepted it, and someone is panicking to this day. At the time of writing, the cryptocurrency has recovered slightly and now costs about $ 15,000 (CoinBlip data). In the meantime, Morgan Stanley analysts decided to add fuel to the fire. After completing their market research, a group of experts from Morgan Stanley, led by James Faucette, said that the real value of the cryptocurrency could be $0.
James makes arguments
Faucette lists the main reasons why it is impossible to determine the real price of a cryptocurrency. Among them is the absence of interest rates tied to the bitcoin rate, the lack of any real goods that support the value of the cryptocurrency, as well as the problems associated with network scalability and transaction commissions.
Faucette also draws an analogy with the volume of trading on the foreign exchange market (average daily rate) – $5.4 trillion vs. $3 billion from bitcoin. He compares Bitcoin with Visa regarding the number of purchases made per day – less than $300 vs. $17 billion.
In conclusion, the analyst provides a graph showing the adoption of the cryptocurrency by the Internet market. Apparently, in the last two years, the positions have only worsened – two of the five largest sellers refused to support Bitcoin. It remains to add that Morgan Stanley has never indeed spared Bitcoin. Earlier, Morgan Stanley CEO James Gorman called bitcoin a speculative tool that does not deserve any attention.