Officials remained firmly committed to a "patient" policy stance at their meeting earlier this month.The Fedread more
Stocks that would benefit from a federal infrastructure spending program fell after President Trump ended a meeting on infrastructure spending with Democratic leaders.Market Insiderread more
The president abruptly walked out of a meeting Wednesday, saying he would not negotiate with Democrats while they continue to investigate him.Politicsread more
Despite the president's claim that "you can't investigate and legislate simultaneously," certain must-pass pieces of legislation, including a debt ceiling hike, will...Politicsread more
Americans in certain areas of the country have significantly higher average credit scores than others. Experian's annual State of Credit report shows the average score in each...Spendread more
Amazon shareholders demanded the company to take action on a number of different issues during its annual shareholder meeting on Wednesday.Technologyread more
Talk about 5G is everywhere right now, from the trade-war with China to the ban on Huawei. Here's what 5G is and why it matters.Technologyread more
Controversial lawyer Michael Avenatti was indicted on charges of trying to extort athletic shoe giant Nike out of tens of millions of dollars by threatening to go public with...Politicsread more
More voters in five key industrial states disapprove than approve of Trump's handling of trade — 56% to 41%, according to a report.Politicsread more
Ireland's privacy watchdog, which leads supervision of Google in the EU, launched an inquiry into the firm's online advertising practices.Technologyread more
These are the stocks posting the largest moves midday.Market Insiderread more
The world's largest and most popular cryptocurrency is still a far cry from playing the role of real money, according to global investment bank UBS.
"Bitcoin is still too unstable and limited to become a viable means of payment or a mainstream asset class, " UBS strategist Joni Teves wrote in a note to clients Thursday. "Owing to its lack of price stability, bitcoin falls short of criteria that need to be satisfied to be considered money."
Among its biggest roadblocks are recent dramatic price swings and some technological limits, according to UBS.
The cryptocurrency's price has been marked by peaks and valleys this year. It often varies by hundreds of dollars in a single day and has fallen more than 60 percent since nearing a high of almost $20,000 in December. The digital currency was trading near $7,500 as of Thursday and has fallen roughly 50 percent in 2018, according to data from CoinDesk.
Teves looked at the price of bitcoin historically, and found that 70 percent of those price swings were the result of speculative "momentum-driven" interest which makes bitcoin "vulnerable to large moves."
Price volatility has been a non-starter for some investors, but bitcoin has paid off for long-term buyers. Since 2013, bitcoin's annual return has been 216 percent. In comparison, stocks and investment grade bonds have risen 16 percent and 1.6, respectively, according to UBS. On a risk adjusted basis though, bitcoin only modestly beat stocks, Teves found.
Still, she said there is no certainty on whether bitcoin's past performance can be repeated.
Teves also mentioned technical limits, and something known as scalability, size and speed. Changes by developers to address the issue have been "insufficient," she said.
"Bitcoin cannot handle the volume of transactions processed by mechanisms being used in the real world," Teves said.
UBS didn't completely rule out bitcoin's future as a form of payment. Teves outlined several conditions for it to become a "legitimate asset class," including regulatory support with consumer safeguards.