Bitcoin Criticism from Bank of America

 

Bitcoin Criticism from Bank of America Bank of America criticizes Bitcoin for taking "extreme administration volatile" Bank of America analysts criticized it for its "volatile" use in their new Investor report for Bitcoin.

In the report examining the usage areas of Bitcoin, it was emphasized that its bad aspects outweigh its good sides. It is thought that Bitcoin, which is compared to gold as "digital gold", can be used for purposes such as portfolio diversification and protection from inflation.

Bank of America analysts explained that these reasons are not enough to buy Bitcoins. "They buy it because the price is rising" According to the Financial News report, Bitcoin is not seen as a "practical value storage tool or payment mechanism" using "extreme volatility".

In the report of Bank of America dated March 17, it was stated that people bought Bitcoins "because the price went up" rather than for reasons such as protection from inflation. It was stated that the changes in the bitcoin price were “stable” because its limited supply was entirely dependent on demand.

Pros and cons of Bitcoin People who live where the government or financial system is corrupt can find a place in a more democratic monetary system in Bitcoin. Bank of America cited the spending of this and low price of Bitcoin.

In response, reference was made to the amount of electricity Bitcoin miners consume and the illegal cryptocurrency, and it was stated that the bad sides of Bitcoin outweigh the good ones

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Pros and cons of Bitcoin People who live where the government or financial system is corrupt can find a place in a more democratic monetary system in Bitcoin. Bank of America cited the spending of this and low price of Bitcoin.

In response, reference was made to the amount of electricity consumed by Bitcoin miners and the illegal cryptocurrency, and it was stated that the bad sides of Bitcoin outweigh the good ones. Today, Lisa Shalett and Denny Galindo of the Morgan Stanley team also released an Investor report and delivered a different message to the Bank of America.

According to The Block news, it has been announced that the crypto money market may be at a turning point thanks to “regulating, deepening liquidity, increasing product variety and investor demand.