- Home >> Features >> Technology
Cryptocurrencies are speculative assets, not mediums of exchange
- Tuesday | 18th May, 2021
While cynics will call Tesla’s recent policy changes regarding Bitcoin a classic pump and dump, I think that they are a clear demonstration that cryptocurrencies are speculative assets and totally unsuitable to be mediums of exchange. I see three reasons why Bitcoin and cryptocurrencies, in general, are currently unsuitable to be used as currencies. Bitcoin suffers from even worse instability and volatility, making it very difficult to conduct transactions, as I think Tesla has found. Bitcoin suffers from even worse instability and volatility, making it very difficult to conduct transactions, as I think Tesla has found. Hence, these issues will prevent cryptocurrencies as they exist today from being able to replace the globally accepted mediums of exchange currently dominated by fiat currencies.
If You Like This Story, Support NYOOOZ
Your support to NYOOOZ will help us to continue create and publish news for and from smaller cities, which also need equal voice as much as citizens living in bigger cities have through mainstream media organizations.
