According to analysts of the leading international rating agency S&P Global Ratings, the talks that the possible collapse of the cryptocurrency market could bring down the global financial system is clearly exaggerated and represents "a lot of noise from nothing." This is reported by Business Insider.
As representatives of S&P note, if the price of the currency falls, this event will have a negligible effect on global financial stability.
In our opinion, in its current version, a cryptocurrency is a speculative instrument, and a collapse in its market value would be just a ripple across the financial services industry, still too small to disturb stability or affect the creditworthiness of banks we rate. If the value of cryptocurrencies dropped substantially, we expect retail investors would endure most of the impact.
S&P Global Ratings
Regardless of the skeptical attitude towards digital assets, S & P positively assesses the prospects of the underlying bitcoin and other crypto-currency technologies of the distributed registry. Thus, according to Damak, the blockchain can increase the speed and transparency of financial transactions, reduce their cost and even change the principles of the banking system.