{"id":17722,"date":"2021-04-28T07:30:51","date_gmt":"2021-04-28T05:30:51","guid":{"rendered":"https:\/\/bernstein-bank.com\/?p=17722\/"},"modified":"2021-04-28T07:30:51","modified_gmt":"2021-04-28T05:30:51","slug":"is-bitcoin-useful","status":"publish","type":"post","link":"https:\/\/bernstein-bank.com\/en\/is-bitcoin-useful\/","title":{"rendered":"Is Bitcoin useful?"},"content":{"rendered":"\n\n\n
\n

Gold<\/span>\u00a0 1771,275
\n(-0,31%<\/span>)<\/h4>\n<\/th>\n

\n

EURUSD<\/span>\u00a0 \u00a01,2073
\n(-0,13%<\/span>)<\/h4>\n<\/th>\n

\n

DJIA<\/span>\u00a0 33846,50
\n(+1,82%<\/span>)<\/h4>\n<\/th>\n

\n

OIL.WTI<\/span>\u00a0 62,925
\n(+2,97%<\/span>)<\/h4>\n<\/th>\n

\n

DAX<\/span>\u00a0 \u00a015278,50
\n(+0,64%<\/span>)<\/h4>\n<\/th>\n<\/tr>\n<\/tbody>\n<\/table>\n

While there is a lull in the markets because everyone is waiting for today’s US Federal Reserve press conference, we will try to take a look at cryptocurrency. One of the most interesting things that has happened recently is the acceptance of bitcoin by JPMorgan, which just 4 years ago promised to fire any employee who bought the cryptocurrency.<\/p>\n


\nBTC<\/strong><\/p>\n

\"BTC\"<\/p>\n

Why is this such a significant development? JPMorgan is the latest major bank to recognise cryptocurrency as a separate asset class. The bank is about to launch a special bitcoin fund that will allow customers to buy cryptocurrencies and store them in their bank accounts.
\nIt’s clear to everyone by now, that none of the big whales want to miss out on the opportunity to make money and provide their clients with the latest tools, though mostly useless. After all, having thought out good speculative schemes one can perfectly try to earn in this market with rather low capitalization.
\nThe excitement about bitcoin investments is growing again. The Coinbase IPO added 2.5 million new users in a matter of days. Cryptocurrencies are getting a lot of publicity, but it’s very likely that most buyers of bitcoin as an investment don’t know what it’s even for.
\nWhat is bitcoin for? What are its advantages or disadvantages?
\nOne might assume that bitcoin is decentralised and can be transferred to anyone. Yes, you may agree, but in real life the cryptocurrency transferring costs at least 2-3% from transfer value and you may lose additionally 10% because of strong exchange rate fluctuation, because of strong volatility by the time when transaction will reach the recipient. This is more of a disadvantage than an advantage.
\nThe blockchain depends entirely on the miners. Most of them are concentrated in China. China is now busy developing the digital Yuan. They don’t need any bitcoin. Therefore, any blocking of Chinese miners will very seriously affect the speed of transactions, as well as the bitcoin exchange rate. There were already cases, when due to blocking of 20% of miners the commission in network reached $70, and cheaper transactions could wait for up to a week.
\nOverall, bitcoin itself is growing more on hype than on its usefulness. Hardly anyone can now name a few important points about what bitcoin is actually useful for humanity. One of the most important is that it gave a boost to the blockchain industry as a certain technological process, but nothing else comes to mind. So think a lot about why you need bitcoin in your investment wallets.<\/p>\n

03.30 Australian Consumer Price Index Q1 2021
\n16.00 Address by ECB head K. Lagarde
\n20.00 US Federal Reserve interest rate decision
\n20.30 Press conference of US Federal Open Market Committee<\/p>\n

\n

Important Notes on This Publication: <\/small><\/p>\n

The content of this publication is for general information purposes only. In this context, it is neither an individual investment recommendation or advice nor an offer to purchase or sell securities or other financial products. The content in question and all the information contained therein do not in any way replace individual investor- or investment-oriented advice. No reliable forecast or indication for the future is possible with respect to any presentation or information on the present or past performance of the relevant underlying assets. All information and data presented in this publication are based on reliable sources. However, Bernstein Bank does not guarantee that the information and data contained in this publication is up-to-date, correct and complete. Securities traded on the financial markets are subject to price fluctuations. A contract for difference (CFD) is also a financial instrument with leverage effect. Against this backdrop, CFD trading involves a high risk up to the point of total loss and may not be suitable for all investors. Therefore, make sure that you have fully understood all the correlating risks. If necessary, ask for independent advice.<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Gold\u00a0 1771,275 (-0,31%) EURUSD\u00a0 \u00a01,2073 (-0,13%) DJIA\u00a0 33846,50 (+1,82%) OIL.WTI\u00a0 62,925 (+2,97%) DAX\u00a0 \u00a015278,50 (+0,64%) While there is a lull in the markets because everyone is waiting for today’s US…<\/p>\n","protected":false},"author":37,"featured_media":17595,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-17722","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nIs Bitcoin useful? | Bernstein Bank<\/title>\n<meta name=\"description\" content=\"While there is a lull in the markets because everyone is waiting for today's US Federal Reserve press conference, we will try to take a look at cryptocurrency.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bernstein-bank.com\/en\/is-bitcoin-useful\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Bitcoin useful? 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