UBS: encryption currency is coming to an end I come to bury bitcoin

Beijing time on December 1st, UBS Global Asset Management (UBS Gobal Wealth Management) chief economist said that the encryption currency is coming to an end, it is time to abandon the digital currency.

UBS analyst Paul – Donovan (Paul Donovan) has never been encrypted currency fans, he wrote earlier this week: “I come to bury bitcoin, not to praise it.”

He said Thursday, “these things will never be the money. At any time in the future, they will become money. They have a fatal flaw.”

Bitcoin 2017 years in the holiday season by many people’s favorite, when it began to rebound to nearly 2 million. But Donovan was skeptical, warned that in the long run, this may be “disruptive”.

He said in an interview: “at the beginning, from the end of last year to raise interest rates for some obviously, not subject to any regulatory protection, who was involved in the process of raising interest rates, it will be a bad ending.”

Bitcoin after reaching the peak, the current transaction price fell to $4330. In general, since the January highs, crypto currency market has lost about $700 billion.

Donovan believes that the crypto currency may be in the “, because of the loss of 80% give dying kicks” value “is not healthy”. He said that the government is bitcoin “one of the main obstacles,” he added, with the digital currency to replace the dollar idea “is quite a leap”.

He said: “these things are the main problems: fundamental flaws absolutely — is that they will never become a store of value. Every economist knows, store value is about the balance of supply and demand, and the use of encryption currency, you cannot control the supply demand.”

From Sina Technology

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