Recently, Morgan Stanley stated to their clients that the organization believes that the true value of Bitcoin is zero.
In a recent research note to clients, analyst James Faucette and his team from the Wall Street bank, claimed that the cryptocurrency is unlike a currency, or gold, and was stuttering to scale. This is in spite of the fact that Bitcoin is presently trading at over $15,000, at the time of writing this article, as per CoinMarketCap.
Faucette argues, however, that the volume of retailers and online merchants accepting bitcoin is on the decline, Business Insider reports, with Faucette including that:
“If nobody accepts the technology for payment then the value would be 0.”
He also stated that,
“Can Bitcoin be valued like a currency? No. There is no interest rate associated with bitcoin. Like digital gold? Maybe. Does not have any intrinsic use like gold has in electronics or jewelry. But investors appear to be ascribing some value to it. Is it a payment network? Yes, but it is tough to scale and does not charge a transaction fee. Bitcoin average daily trading volume of $3bn (last 30 days) vs $5.4 trillion in the FX market. Est. <$300mn in daily purchase volume vs. $17bn for Visa.”