Analyst: Bitcoin Remains Speculative, It Is Not A Global Payment System Yet

Even though many people are boasting that they make payments only in Bitcoin or the other crypto, worldwide economists do not consider Bitcoin as a global payment system.

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The American firm Chainalysis has made a thorough research on how often people use Bitcoin to buy anything on the first four months of 2019. The research company has found out that only 1.3% of Bitcoin transactions so far in 2019 came from merchants. The remaining part, a huge 98.7% of the volume is all on the exchanges.

It means that almost no one is using Bitcoin to buy things. Indeed, we should take into account that the crypto is not available in every country, but still, it is more about speculation, not a global payment system.

A senior economist, Kim Grauer, said in an email to Bloomberg that

“Bitcoin economic activity continues to be dominated by exchange trading. This suggests Bitcoin’s top use case remains speculative, and the mainstream use of Bitcoin for everyday purchases is not yet a reality.”

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