The think tank of the US Congress UU Affirms that bitcoin is mainly used as an “investment vehicle”

Bitcoin (BTC) and cryptocurrencies are used as a speculative investment tool and not as money, a report from the US committee of experts that the Congressional Research Service (CRS) reported on May 10.

As part of an investigation into the use of cash in the US The report, called “The possible decrease in the use of cash and related implications”, seems to predict a reduction in paper money as contactless card payments increase.

The researchers also analyzed other forms of payment, including cryptocurrency, whether public, private or issued by a Central Bank.

Taking bitcoin as its main example, the CRS, however, draws conclusions that have become common among government sources.

“Although Bitcoin price data illustrates the public interest and general demand of this cryptocurrency, it is a poor indicator of the frequency with which it is exchanged for goods and services (ie, how often it is used as money)”, indicates the report, the reading continues:

    “Certain analyzes seem to show that digital currencies are not widely used and accepted as payment for goods and services, but as investment vehicles.”

As Cointelegraph reported, the analysis of software company DataLight last month painted a completely different picture, stating that Bitcoin was already prepared to usurp cash and card payments around the world. All that is needed, the authors wrote, is for the development of bitcoin to continue in its current line.

“If it maintains this rhythm, in another 10 years, it will surpass all the competition,” they summarized.

Others remain less convinced, with serial gold entrepreneur and supporter Peter Schiff, who extensively reviews the future potential of bitcoin as money with the author of “The Bitcoin Standard,” Saifedean Ammous, in an online debate last week.

A day before the release of the CRS report, meanwhile, US Senator Brad Sherman called on Washington to ban the cryptocurrency for fear it would contribute to undermining the political power of the US. UU

Government authorities from different countries believe that the blockchain-bitcoin technology can be censored or banned, nothing is further from reality, the traditional financial system has its flaws that users have detected, it is possible that attempts to prohibit the use of cryptocurrencies start, users have the last word. It is waiting for new announcements.  

Reference: cointelegraph.com

Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

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