If the price of a bitcoin upsurges to USD213k, only then the time may come when it will be able to outstrip the money supply of US dollar. By money supply it is meant the flow of coins, bills and checks. This prediction or foreshadowing is been passed in a recent letter issued by the leading Swiss banking organization UBS . The above news is a unanimous reference by different news channels.
However, if bitcoin is sure to outmaneuver the US dollar money supply, the UBS policymaker, Joni Teves shares his uncertainties about it. He believes that this may not be a practical decision given the fact that this method of currency dealing or payment is inadequate and very limited.
This method of payment has a narrow scope in becoming a typical mode of payment as the US dollar had been from a long time. Moreover he also raises his concerns over the fact that procedural boundaries around bitcoin that have been addressed by the developers that include scalability and speed are unsatisfactory.
He suggests that some intervention in the form of a proper governing assistance and consumer’s protection acts is needed if the bitcoin has to replace the dollar one day as a means of transactions between people.
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