.MorganStanley says the Bitcoin network can operate without banks, but BTC's price, and thus its purchasing power, is influenced by fiat central bank policy and it needs banks to facilitate flows into the cryptocurrency market. By willcanny99
., this should be bitcoin’s “moment to shine,” as holders of the largest cryptocurrency in private wallets should be protected from counterparty risk, Morgan Stanley said in a research report Monday.
In practice “bitcoin isn't isolated from the traditional banking system,” as its price is supported by “USD bank liquidity making it trade as a speculative asset rather than a currency,” the report said. While the Bitcoin network can operate without banks, BTC’s price, and therefore its purchasing power, continues to be influenced by central bank policy and it needs banks to facilitate flows into the cryptocurrency market, Morgan Stanley said
“If bitcoin had been trading on its core value proposition – the ability to ‘be your own bank’ – then bitcoin would have rallied with rising bank uncertainty,” the note added.
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