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UBS: Bitcoin Price Needs to Hits $213,000 To Replace U.S Dollar





According to a new report from Swiss investment bank UBS, which found that the bitcoin price needs to reach a value of $213,000 to replace the estimated $3.63 trillion worth of USD in circulation, commonly referred to as the M1 or "narrow money" supply. in addition, Bitcoin needs to be "considered money or even a viable asset class."

Bitcoin has a circulating market cap of $127 billion at present, which is roughly the size of the M1 supplies maintained by the United Arab Emirates and Turkey. At its peak, bitcoin boasted a market cap larger than the M1 supplies of all but about 15 countries.

Bitcoin is not yet mature enough. It still requires a greater capacity for speedily processing high volumes of micropayments. In this regard, the UBS study states:
Our findings suggest that Bitcoin, in its current form, is too unstable and limited to become a viable means of payment for global transactions or a mainstream asset class.
This criticism is somewhat odd, though, since one would be hard-pressed to find anyone even the most ardent of cryptocurrency enthusiasts who would argue that bitcoin at its current valuation and level of technical development is a turnkey replacement for USD. In fact, many bitcoin supporters tout it as "digital gold," arguing that, at least for the foreseeable future, BTC will likely exist alongside fiat currency as a store of value before ultimately gaining utility for everyday payments.

The good news about Bitcoin is that it is already addressing its technical limitations, in areas such as scalability, fungibility, financial confidentiality, and privacy.

Specifically, technological improvements such as SegWit, Bulletproof, Lightning Network, and Atomic Multi-Path Payments over Lightning, and Bitcoin Core 0.16.0, are helping to solve Bitcoin's scalability and security problems while reducing transaction fees.

Due to these advances in Bitcoin and other payment solutions, many predict the death of cash by 2020.

What do you think about Bitcoin replacing fiat currencies? Let us know in the comments below!


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  1. This is an awesome article essentially taking the exact content of the recent debate between Peter Skiff and Eric Moorhens, and visualization the content to make it more appealing. Well done.
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