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Market Extra: Morgan Stanley thinks bitcoin is nothing more than a poster child for speculation

Bitcoin may be the reigning prima donna of the crypto market, but at least one big Wall Street bank is not impressed.

A team of Morgan Stanley analysts led by James Faucette on Wednesday held up bitcoin BTCUSD, -0.17% as a poster child for speculation while downplaying its potential as a legitimate currency.

In a scathing report, the analysts noted that the number of online merchants accepting bitcoin has dropped to just three, from five a year earlier. During the same period, the value of the cryptocurrency has soared more than 250%.

“The disparity between virtually no merchant acceptance and bitcoin’s rapid appreciation is striking,” Faucette wrote.

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