Morgan Stanley warned its clients not to invest in Bitcoin, the world’s most famous currency, which fell dramatically last week.
Morgan Stanley’s analyst team, led by James Fossett, sent a memo to the bank’s customers a few days ago, noting that the real cost of electronic currency is zero, Business Insider said.
“It is logically impossible to estimate the real value of e-currency,” which fell last week by about 40 percent, Fossett said in the memo.
The memo included answers to inquiries about KFH. He explained that KFH is not a currency in the full sense, because it is not linked to interest rates and is not a substitute for gold.
“Bitcoin” is a digital currency that relies on encryption, and is characterized as a “decentralized currency”, that is, not controlled by non-users, and is not subject to censorship such as “government or central bank” like other currencies in the world.
Central banks, including the Central Bank of Russia, are warning against dealing with them, and analysts say the currency is only a bubble.
Last week, Bitcoin fell 40% from its historic high of $ 19343.04, recorded on December 17. The digital currency recorded a reading of 13899.84, down 0.54%, according to the data of “CoinDesk”.