The digital currency has faced criticism by banks and finance experts, with Banking giant Morgan Stanley likening the current market climate of bitcoin to the dot-com bubble that, during its most “exuberant” period rose by 250 to 280 percent.
Morgan Stanley strategist, Sheena Shah, stated that the similar behaviour between dot-com and Bitcoin could mean history is repeating itself and the cryptocurrency could soon crash.
Bank of England Governor Mark Carney also has been highly critical of the cryptocurrency landscape. He said it is a “privilege” to be part of the financial system and “responsibilities come with those privileges”.
Mr Carney added: “The best of the cryptocurrencies, I would suggest, will gravitate to the best of the exchanges if they were regulated. And others will fall by the wayside.
“In the end, it is not just about market regulation, part of this is about any money laundering, terrorism financing, other elicit activities.”
