In a continued attempt to compartmentalise Bitcoin, David Woo, the global rates head at Bank of America Merrill Lynch appeared on an episode of "Bloomberg Surveillance" where he espoused the use of Bitcoin the payment system while writing off bitcoin the unit of account as something one should not invest in.
In an attempt to frame Bitcoin as weak, a panellist questioned Woo if Bitcoin was still viable to which he responded:
"I think we have to separate Bitcoin as an investment versus Bitcoin as a payment system. I think as an investment, as a store of value, it has limited upside.. especially in an environment in which the dollar is going up and gold is going down, the safe havens people are using to run away from the dollar are going down."
The discussion then turned to Bitcoin's use as a currency to which a panellist states that it is nowhere near ready to be used as a currency, therefore it won't be getting rid of Visa and Mastercard any time soon. Woo finished by making the prophetic statement that the real advantage of Bitcoin is that it can be used where there is no banking infrastructure, clearly a reference to the entire world as it is today.