KPMG Says Cryptos are Not True Currencies
Cryptovest
Published Nov 19, 2018 03:28PM ET
Updated Nov 19, 2018 04:41PM ET
KPMG Says Cryptos are Not True Currencies
Professional services firm KPMG published a report on cryptocurrencies called “Institutionalization of Cryptoassets.” The company said that Bitcoin and most altcoins couldn’t be viewed as legitimate methods to store value. Moreover, cryptocurrencies are not even a suitable medium-of-exchange. However, in general, the report is quite bullish on the crypto market, and calls for institutional investors to join it.
KPMG says that in order for cryptos to become currencies in the real sense of the word, they have to meet three criteria: be a unit of account, a store of value, and a unit of exchange. While the first condition is achieved by most coins, the latter two have not at a satisfactory level.
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