Considering the lack of intrinsic value of Bitcoin [BTC], the limited supply of Bitcoin, and the lack of middleman, the Federal Bank of St. Louis, compare the digital asset to regular money.
In a recent post, the Federal Reserve Bank stated that:
" Bitcoin along with conventional fiat currencies have no intrinsic value of their own"
The research group of the bank also noted that Bitcoin is inefficient in many aspects. Also, it is very slow during transactions when compared to other coins. They also pointed out various scams which took place recently that are related to Bitcoin.