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Bloomberg says Bitcoin unfit for storing money
Finance
- 05 February, 2021
- 06:17
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Bitcoin’s exceptionally high volatility prevents it from becoming a medium of exchange, according to Goldman Sachs Group Inc.’s Sharmin Mossavar-Rahmani, Report informs, referring to Bloomberg.
"Something with a long-term volatility of 80% can’t be considered a medium of exchange," said Rahmani, head of the investment strategy group for the bank’s consumer and investment-management division.
"Just because everybody piles into an idea and talks it up doesn’t mean it’s a store of value," she added.
Bitcoin’s price has recently skyrocketed after Elon Musk posted the corresponding hashtag on his Twitter page.
The Bitcoin price rose 18.39 percent to $37,420.
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