Today, the cryptocurrency markets have been in an uptrend for an extended period of time, and a number of backers are starting to consider that Bitcoin and the collective markets are currently in the early stages of the next competitive market. As per the report from the United States think tank the Congressional Research Service (CRS) that claimed, Bitcoin (BTC) and cryptocurrencies are used as a speculative investment tool and not money.
The report, titled “The Potential Decline of Cash Usage and Related Implications,” comes to project a reduction in paper money as contactless card payments on rising. The think tank researchers further assessed other forms of payment, including Cryptocurrency, be it public, private, or issued by a central bank. Focused on Bitcoin as its prime instance, the Congressional Research Service nonetheless draws conclusions which have become usual among government sources.
According to the report, “Although price data on Bitcoin illustrates the public interest in and overall demand for this cryptocurrency, it is a poor indicator of how often it is being exchanged for goods and services (i.e., how often it is being used as money).” It further noted that “Certain analyses appear to show that digital currencies are not being widely used and accepted as payment for goods and services, but rather as investment vehicles.” Recently, a software company DataLight’s analysis outlined a different state and claimed that Bitcoin was already poised to usurp both cash and card payments worldwide.