Bloomberg: The lion’s share of bitcoin transactions is still speculative in nature
Despite the transition to bitcoin by a number of large companies, most transactions with the largest digital currency are still speculative in nature. This is the subject of a Bloomberg report.
Analysts refer to data from the research company Chainalysis that at the beginning of 2019 only 1.3% of transactions with BTC were made to pay for goods and services. The situation has not changed significantly in two years.
It is too early to talk about institutional adoption of Bitcoin, but there is already a trend in this direction. In the long term, large investors will be entering the crypt currency. Moreover, some players are already considering it as an alternative to gold, the report says.
The rise of the bitcoin this week to its highest level since June last year was the result of a number of large companies entering this asset. In addition, it became known that the PayPal payment system intends to launch its own cryptographic service.
Today BTC trades just above $13,000. Tim Swenson, representing the Clearmatics team, told Bloomberg that the arrival of a giant like PayPal in the cryptosphere is a definitely positive signal for the entire industry.
However, even after this event, it is unlikely that other financial giants will begin to enter the cryptographic market, which continues to be dominated by speculative sentiment.