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Bitcoins / Breaking News

Bitcoin Is Worth Nothing According To Top Financial Firm

Morgan Stanley, a well known and respected financial services firm has made the bold statement, that despite the fact that Bitcoin stock prices have absolutely soared in recent weeks, the first and arguably most well known and popular cryptocurrency, Bitcoin is actually worth absolutely nothing at all.

The director of Morgan Stanley, James Faucette has been reported to have sent the clients of his firm a memo suggesting that the true value of Bitcoin was actually $0.00. His team of analysts argue that not only is Bitcoin hard to equate to real world money, as fewer online retailers are accepting the cryptocurrency as a form of payment.

Morgan Stanley released this memo, called ‘Bitcoin Decrpyted’ and pointed out that the virtual currency cannot be treated and valued like a traditional and regular currency, because it does not have an interest rate that is associated with it. Faucette added that unlike buying digital gold, Bitcoin actually has no use, quite like gold has in electronics and jewellery.

Morgan Stanley analysts have also made a public list of the number of businesses that actually accept the digital cash, and according to the report, the number of Top 500 eCommerce merchants who accept Bitcoin has actually dropped from five to three in just one year.

In an interview with Business Insider, Faucette said;

“If nobody accepts the technology for payment then the value would be 0”.

Morgan Stanley is not alone in their views that Bitcoin will not fare so well, with many economic forecasters continuing to assume the worst for Bitcoins future. Despite this though, the digital currency, that has been around for eight years has seen the value skyrocket this year, surging to nearly $20,000 per unit in mid-December, before it fell back to around $15,000 at Christmas.

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Frances is a writer for Crypto Daily, and she is responsible for bringing you the latest news on everything that is related to the Crypto world. She has a keen interest in Cryptocurrencies, and has many years of experience writing in all different roles. She is incredibly passionate about writing, and this combined with her interest into the finance, and virtual currency sector means that you are kept up to date with all of the latest news and information regarding all cryptocurrencies.