Well, they are kind of right in terms of maybe not being ready for 'Prime Time'. In 5 to 10 years, bitcoin will be in a better position to be a world reserve currency, right now it is good that they have it on the radar and are clearly threatened by it, but it still has a long way to go.
Bitcoin is taking over, the BIS is obsolete and has little to no purpose in a future where countries are using bitcoin for settlement and as a reserve currency like the dollar. The BIS opinion is like asking envelope manufacturers and post offices for their opinion about email in the 90s.
Yes bitcoin is volatile in price, but the network is stable (ask Visa about stability). The bitcoin network has an uptime of 99.99% since Jan 2009 -
http://bitcoinuptime.com/
As more people and businesses use bitcoin it becomes more stable overall. There is only a tiny percentage of people using bitcoin right now, give it more time and you will see stability. (There are examples of certain countries currency that is even more volatile than bitcoin).
https://www.buybitcoinworldwide.com/volatility-index/
They say cryptocurrency consumes too much electricity, and it does consume a ton, but that is the cost to secure the network. The higher the cost the better, its more secure. The more expensive and harder it is to produce, the better for the price and security. If the argument is that it simply costs too much, then take a look at Gold which also hard to produce and at a high cost, and compared to bitcoin, the cost is much higher to produce, store, transport etc.
“Trust can evaporate at any time because of the fragility of the decentralized consensus through which transactions are recorded,”
“Not only does this call into question the finality of individual payments, it also means that a cryptocurrency can simply stop functioning, resulting in a complete loss of value.”
Bitcoin is anti-fragile, and has been and is attacked daily since 2009, almost a decade now. The cost to mine and its decentralisation is what gives it strength, it is anything but fragile. All payments are final, and the more it costs in electricity, the harder it is for someone to attack and reverse a transaction, so right now due to the cost to mine, it is virtually impossible to attack, and getting stronger.
The idea that "The associated communication volumes could bring the Internet to a halt" and bitcoin could break the internet is ridiculous. The bitcoin block size is 1MB with normal transactions, about 2MB with a lot of Segwit transactions, close to 4MB with in an extreme case. Blocks are on average 6 an hour, making best case of 6MB increase to the block size per hour, at worst 24MB or in other words 144MB and 576MB per day maximum. The average is still very close to the 1MB size
https://bitinfocharts.com/comparison/bitcoin-size.html
Compare that to say the almost 5 billion videos are watched on Youtube every single day, and how much data that is, and you will see why their idea is stupid.
https://merchdope.com/youtube-statistics/
