There is no denying of the fact that the last few years have witnessed growing acceptance of digital currencies at a global level. While there are many who believe that crypto like Bitcoin has gained an increased utilization, the latest reports by the US Congress think tank contradicts this belief.
The CRS (Congressional Research Service), the think tank of the United States, has issued a report which makes an interesting revelation that digital currencies, including Bitcoin, aren’t widely utilized and accepted as a currency, but they simply act as an investment tool for the public.
The US Congress’s research arm published the report titled ‘The Potential Decline of Cash Usage and Related Implications’ recently on 10th May 2019. The report was part of a special study into the utilization of cash in the US. It primarily suggested that there was a decline in the usage of paper money with a notable increase in debit/credit card usage. The report also clearly disclosed that BTC and other cryptos can’t be seen as a viable payment method.
According to the analysis presented by the report, the Bitcoin price data demonstrates overall demand as well as the interest of people in this crypto, but it’s a poor measure to showcase how frequently it’s being exchanged for services and goods. In simple words, it can’t indicate how often this crypto is being utilized as money.
This report has also brought to notice the fact that cryptocurrencies are being used across the world more as an investment tool, not as a widely accepted payment option for acquiring goods or services. This was concluded thanks to the certain analysis performed, stated the report.
In addition to this, CRS also added that an increasing number of retailers have started accepting payments through debit and credit cards over the conventional cash payments.
While the CRS has captured this scenario, Tim Draper has a different story to tell. Draper, a billionaire investor, in one of his interviews earlier in the year had stated his belief that within the next 5 years, crypto will take over the fiat currency. DataLight, a software company, also presented a similar analysis in the previous month. It claimed that if bitcoin continues to develop consistently at its current pace, then it can surely take over both the card and cash payments globally.
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