Could Regulation Actually Be A Blessing For Crypto?
Last Updated on 17 July 2021 by CryptoTips.eu
By now, there’s no denying anymore that cryptocurrencies are here to stay. Although politicians and financial behemoths of the past centuries are trying to grapple with this new reality, a new dawn beckons and crypto acceptance is on the horizon. One of the final hurdles that will have to be crossed is regulation though. Many in the cryptosphere fear the long arm of regulatory instances, but I do wonder, could it be a blessing in disguise?
As more and more banks offer crypto services or enter into complicated legal agreements and joint ventures to attract these new customers interested in Satoshi Nakamoto’s invention, governmental regulations are keeping a close watch over it.
Move fast and break things
Coinbase and Binance are well known names for platforms that move billions of dollars on a daily basis and the chance of you finding a remote place on earth where someone has not heard of Bitcoin have become quite slim.
The same move fast and break things mentality that we’ve seen in the early days of Silicon Valley has been present in the cryptosphere in the past few years as well. But when Bitcoin was trading below $10k, the total market value of the cryptosphere could be considered as a sideshow. As it now trades (on average) well over $20k for the past few years even, this is no longer the case.
Takeover Goldman Sachs
This week, the CEO of FTX, billionaire millennial Sam Bankman-Fried, declared that if crypto kept growing at the pace it had been in the past few years, he could indeed one day make a takeover bid for Goldman Sachs, largely seen as the most powerful business bank in the world. A few years ago, such a quote would have been met with laughter. By now, there was only silence and agreement. World finance accepts that crypto is here to stay.
As such, regulators have taken notice and are moving in on the industry. Binance and Coinbase will face scrutiny first, but ultimately it is to be expected that all major companies and coins will fall in line with regulatory demands. At that moment, we can truly state that global adoption has happened.
Now if we could only get Bitcoin to trade above $50k again.