KPMG: Cryptocurrencies (including Bitcoin) are not ready to be real currency

‘Big four’ accounting firm KPMG has just asserted that cryptocurrency assets, like Bitcoin, are simply not ready to be classified as real currencies – and that using Bitcoin as a store of value is a “fool’s errand.” In a new report, KPMG details the challenges facing the cryptocurrency industry, as it seeks adoption by the world’s largest financial institutions. Ultimately, KPMG posits that if cryptocurrency related assets have any hopes of truly flourishing, they simply must undergo what it calls ‘institutionalization.’ The firm defines institutionalization as the at-scale participation in the cryptocurrency market of banks, broker dealers, exchanges, payment providers,…

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