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| Real price of bitcoin could be $0.00, warns Morgan Stanley | Real price of bitcoin could be $0.00, warns Morgan Stanley |
| (about 3 hours later) | |
| Bitcoin could be worth literally nothing, if the cryptocurrency is not recognized as a rival of the US dollar and other fiat currencies, analysts of the banking giant Morgan Stanley have warned. | |
| "If nobody accepts the technology for payment, then the value would be 0," analyst James Faucette and his team wrote in a note to clients. | "If nobody accepts the technology for payment, then the value would be 0," analyst James Faucette and his team wrote in a note to clients. |
| Faucette is referring to a list of online retailers who accept bitcoin. The table is titled "Virtually no acceptance and shrinking" and shows the data. | Faucette is referring to a list of online retailers who accept bitcoin. The table is titled "Virtually no acceptance and shrinking" and shows the data. |
| Bitcoin is not like a currency because there is no interest rate associated with bitcoin, the analyst wrote. | Bitcoin is not like a currency because there is no interest rate associated with bitcoin, the analyst wrote. |
| READ MORE: Bitcoin heading to $0.00 & many will lose everything when bubble pops – warns investor Peter Schiff | READ MORE: Bitcoin heading to $0.00 & many will lose everything when bubble pops – warns investor Peter Schiff |
| It's not like gold either, as it doesn’t have any intrinsic use like gold. | It's not like gold either, as it doesn’t have any intrinsic use like gold. |
| According to Faucette, bitcoin is tiny compared to traditional financial instruments. | According to Faucette, bitcoin is tiny compared to traditional financial instruments. |
| “Bitcoin average daily trading volume of $3 billion (last 30 days) vs. $5.4 trillion in the FX market. Estimated $300 million in daily purchase volume vs. $17 billion for Visa,” he wrote. | “Bitcoin average daily trading volume of $3 billion (last 30 days) vs. $5.4 trillion in the FX market. Estimated $300 million in daily purchase volume vs. $17 billion for Visa,” he wrote. |
| READ MORE: Can cryptocurrency mania end like Wall Street Crash of 1929? | READ MORE: Can cryptocurrency mania end like Wall Street Crash of 1929? |
| Coinmarketcap data says Faucette’s numbers are not correct, as an average daily volume of bitcoin is $11.5 billion. The whole cryptocurrency market’s daily volume is almost $27 billion. | Coinmarketcap data says Faucette’s numbers are not correct, as an average daily volume of bitcoin is $11.5 billion. The whole cryptocurrency market’s daily volume is almost $27 billion. |
| One of the biggest bitcoin bulls, John McAfee of McAfee antivirus, says there is no reason for panic despite the correction in the cryptocurrency market. | One of the biggest bitcoin bulls, John McAfee of McAfee antivirus, says there is no reason for panic despite the correction in the cryptocurrency market. |
| Bitcoin has fallen more than 25 percent from its recent all-time highs of $20,000 spurred by futures listings on major derivatives exchanges. | Bitcoin has fallen more than 25 percent from its recent all-time highs of $20,000 spurred by futures listings on major derivatives exchanges. |
| Bitcoin enthusiast, billionaire Michael Novogratz who has also been very bullish on cryptocurrencies, has revised his forecast and said bitcoin could drop to $8,000 by year-end. Previously, he predicted bitcoin would be worth $40,000 by 2019. | Bitcoin enthusiast, billionaire Michael Novogratz who has also been very bullish on cryptocurrencies, has revised his forecast and said bitcoin could drop to $8,000 by year-end. Previously, he predicted bitcoin would be worth $40,000 by 2019. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |