Counterparty Risks
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Bitcoin Shining in the Face of Traditional Banks’ Closure
According to reports, Morgan Stanley stated in a research report that, with increasing concerns about traditional banks forced to close in the United States, this should be a shining moment for Bitcoin, as the holders of the largest cryptocurrency in private wallets should be protected from counterparty risks. Report: Bitcoin is not traded as a currency, but as a speculative asset Analysis based on this information:Morgan Stanley, a multinational investment bank and financial services company, released a research report stating that with the growing concerns of traditional banks closing down in the United States due to the pandemic crisis, Bitcoin is expected to flourish in this scenario. The report discusses that Bitcoin, as the largest cryptocurrency in the world, has been developed with the primary objective of a decentralized system that is free from central authority, which assures its holders that their assets would be protected from counterparty risks. The banking sector has been hit the hardest during the COVID-19…
