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ING Chief Economist, ABN AMRO Bank - Bitcoin may eventually become a niche financial product used by only minorities

According to a new report, the chief economist at ING, a Dutch bank giant, believes Bitcoin is likely to eventually become a niche financial product.

In a report released on December 18. Teunis Brosens, chief economist at ING, believes that the actual use of cryptocurrencies will be limited to "tech nerdy, addicted to privacy and people who are afraid of traditional currency (hyper) inflation."

He wrote:

"In the long run, bitcoin has made very little contribution to a wider audience, and they are likely to return to offering niche products to enthusiastic fans."
Blonson's view may not be in line with other recent notices on Bitcoin, with bitcoin once exceeding $ 20,000 after the CBOE and CME, the regulated U.S. exchange, launched the bitcoin futures contract, Slipped to about 17,000 US dollars.

In fact, he thinks some of the features of Bitcoin - often cite as an advantage, such as the absence of a central broker, will keep it from being a mainstream audience. He also said Bitcoin's price volatility makes it a poor payment method for most consumers.

"If bitcoin is to be used as a payment method, its price has to be stable, and if your money can buy a big latte today, but tomorrow can only buy a small cup of espresso coffee, then it's less convenient. "
Although the economist's critique focused primarily on bitcoin, he also extended the criticism to generally cryptocurrencies, arguing that one of the core features of these cryptocurrencies - open source - is not for the mass market.

"Although cryptocurrencies do compete with one another for competing users and can create value for their users by providing an extensive network of other users, they can not create unique value by becoming a distinctive platform with distinctive characteristics.
While critiquing Bitcoin, Bronson gave a great deal of recognition for the blockchain.

He wrote:

"Blockchain is an impressive technology that could make a difference in every area, from finance to healthcare, from notary to voting." Long live the blockchain! "