Last week, the bitcoin rate, which everyone is watching right now, even those who did not dare to buy a crypto currency, after a rapid growth fell dramatically by a third, forcing many to be pretty nervous. Actually, someone has reconciled, and someone is panicking to this day. At the time of writing, the crypto currency has recovered slightly and now costs about $ 15,000 ( CoinDesk data ). In the meantime, Morgan Stanley analysts decided to pour some oil on the fire.
After completing their own market research, a group of experts from Morgan Stanley, led by James Fossett, said that the real value of the crypto currency could be $ 0. This is reported by Business Insider with reference to the corresponding report “Decoding Bitcoin” (Bitcoin decrypted).
In the section “Attempts to determine the value of Bitcoin,” Fossett lists the main reasons why it is impossible to determine the real price of a crypto currency. Among them is the absence of interest rates tied to the bitcoin rate (from the theory of money theory, the interest rate is the price of money as a means of saving), the absence of any real goods that support the value of the crypto currency, as well as the problems associated with network scalability and transaction commissions.
Fosset also draws an analogy with the volume of trading on the foreign exchange market (average daily rate) – $ 5.4 trillion versus $ 3 billion from bitcoin – and compares Bitcoin with Visa in terms of the number of purchases made per day – less than $ 300 vs. $ 17 billion.
Finally, in conclusion, the analyst provides a graph showing the adoption of the crypto currency 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 really spared Bitcoin. Earlier, Morgan Stanley CEO James Gorman called bitcoin a speculative tool that does not deserve any attention.