UBS: Bitcoin Must Reach $213,000 to Rival US Dollar

Unfazed by Bitcoin's extended correction, the most devout crypto faithful maintain that Satoshi's peer-to-peer digital currency may one day replace the dollar.

In a research report distributed to clients in more than 50 countries, UBS stated that Bitcoin is too volatile and technologically limited to become a standardized currency.

UBS does not rule out the possibility of a world dominated by Bitcoin, however.

To dethrone the greenback, Bitcoin would have to reach $213,000 per token or make inordinate improvements in scalability, according to the Swiss multinational.

UBS - a 156-year-old financial institution - may view Bitcoin through the lens of classical economics.

To dethrone the greenback, UBS believes Bitcoin would have to reach the lofty figure of $213,000 per unit.

To UBS strategist Joni Teves these attempts have been "Insufficient" to resolve the network's scalability - presumably comparing Bitcoin's speed to standardized payment processors such as Visa, which can handle thousands of transactions per second.

Bitcoin cannot handle the volume of transactions processed by mechanisms being used in the real world.

Having previously described Bitcoin as a "Speculative bubble", UBS' latest comments seem atypical of a centuries-old financial institution.

Their deep contemplation of a future dominated by Bitcoin speaks volumes.