The Bank for International Settlements is a bank for central banks — 60 to be exact, which reportedly account for 95 percent of the world's GDP. Founded in 1930, it is the oldest global financial institution, and operates under international law.
The paper makes the claim that, in the future when Bitcoin's block rewards become non-existent — this will occur when no new Bitcoin will be minted as a reward for miners, which should occur sometime in 2140 — transaction fees will not be able to sustain the mining industry, as is the conventional wisdom.
For most crypto purists, this would be considered a non-starter, as Bitcoin cannot disrupt — let alone replace — the current global monetary system by working alongside it.
The article suggests that Bitcoin's "payment efficiency could be greatly improved by introducing an institutional underpinning to undo double-spending attacks should they occur." However, doing so would change the very core principle of Bitcoin, which is that it is decentralized.
In light of this critique, it is hard to imagine many Bitcoin devotees wanting to heed the report's advice.