SEC Chairman: Bitcoin Unlikely to Become Mainstream Payment Method

Gary Gensler, Chairman of the SEC, said it is unlikely that Bitcoin (BTC) or other cryptocurrencies will be widely used as a means of payment, coindesk reports. In his opinion, they will remain more of a store of value.

During a speech at NYU Law School, Gensler also noted that investors should decide for themselves whether cryptocurrencies have practical utility through disclosure. Gensler cited Gresham's Law and added that countries prefer one currency for economic stability.