Cryptocurrencies like Bitcoin are Not Store of Value

It will take a long time for cryptocurrencies like Bitcoin to attain the status of a store-of-value asset, said KPMG in its latest crypto study.

The Big Four firm’s “Institutionalization of Cryptoassets” report asserted that assets like bitcoin could neither be used as a medium of exchange nor a store of value, mainly because of lack of trust and scalability. It suggested that crypto sector must undergo institutionalization if it plans to thrive any further concerning stability and adoption.

“More participation from the broader financial services ecosystem will help drive trust and scale for the tokenized economy and help the crypto market grow and mature,” declared KPMG chief economist Constance Hunter.

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