Mitsubishi UFJ: Bitcoin is still seen as a speculative asset.

Lee Hardman of Mitsubishi UFJ Bank stated in a report that the recent volatility of Bitcoin has reinforced the view that it is a speculative asset rather than a stable digital currency. Bitcoin is not widely used for everyday transactions. He said that even when accepted, the slow transaction processing time during congested periods and high network fees make it less practical than traditional currencies. Therefore, Bitcoin is primarily held as a speculative asset. He said that the extreme volatility of Bitcoin means that prices of goods and services are rarely denominated in this cryptocurrency, limiting its usefulness as an effective unit of currency. This volatility also "limits its effectiveness as a store of value." Data from the London Stock Exchange Group shows that Bitcoin dropped 1.6% to $67,769.