The branch of the Federal Reserve Bank of San Francisco recently published a report on the instability of the bitcoin price, which is determined by the properties of the cryptocurrency, which complicates its classification as a currency or commodity. This is reported by CCN.
Joost van der Burgt, the author of the report and the consultant for the Fintech in the Federal Reserve, notes that bitkoyn is in the historical stage of the bubble.
…the exchange rate between two currencies can be regarded as a broad measure of the prices of one country’s goods and services relative to another country. When looking at the Bitcoin ‘exchange rate,’ this category of determinants seems to be inapplicable – there is no current native Bitcoin economy with native Bitcoin prices for goods and services.
Joost van der Burgt
Bitcoin has properties of securities, but does not fully fit into this category - it does not generate interest, dividends or capital gains.
At the same time, bitcoin as a commodity and often referred to as a "value depository" behaves the same way as gold and oil, but bitcoin does not have intrinsic value. Value of mining is only $1800, according to report.