Bitcoin is a fraud, not the future of legitimate investments. This view was expressed by Peter Berezin, chief strategist at the research firm BCA Research, in an interview with Kitco News.
According to the expert, the leading cryptocurrency remains largely used to finance illicit activity.
“But if you look at how many bitcoins are used for legitimate business purposes, the answer will be — very, very little. In fact, some data show that there are currently fewer transactions for legitimate purchases than three years ago,” Berezin said.
He suggested that the cryptocurrency tries to resemble gold as a store of value, but is not one. The precious metal is a special asset because its qualities have stood the test of time and it has wide use in jewellery and industry, Berezin stressed.
When regulators worldwide develop unified rules for cryptocurrencies, Bitcoin is likely to disappear, the BCA Research strategist said.
Earlier, Goldman Sachs concluded that the leading cryptocurrency is more of a digital copper analogue than gold.
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