Anthony Pompliano says that bitcoin is among the rare assets that took only 10 years to get to the G7 table as we can read in the latest cryptocurrency news below.
Next week, the G7 is scheduled and this time the leaders from Germany, France, Canada, Japan, Italy, and the United Kingdom and of course, the United States will have time to discuss Bitcoin and other digital currencies. Previously, the group discussed the need for oversight and regulation in the sector but the final result amounted to each country that is working on their own regulatory framework or doing nothing at all. Earlier this week, the Morgan Creek Digital Asset CEO Anthony Pompliano says in a conversation with CNBC’s Joe Kernen that bitcoin is up to the schedule for G7. The analyst focused that in only 10 years Bitcoin managed to reach G7 and its technology and to be discussed as a burning topic amongst regulatory institutions across the globe.
As previously reported in the coming altcoin news, the U.S. President Donald Trump and Steven Mnuchin along with Mike Pompeo, issued official statements expressing their opinions about bitcoin and other cryptocurrencies. Pompliano believes that future regulations will likely target the fiat onramps such as crypto exchanges and wallet providers. He conceded that the regulations could definitely hurt bitcoin in the short term as they will weigh on the sentiment and deter people from investing. Pompliano says that other analysts agree as well regulations are something as an inconvenient truth. It seems like no one likes the idea of the government oversight, regulation and tax compliance but regulations are required in order for the sector to expand.
Pompliano explained during the CNBC interview with Joe Kernen that whatever G7 might come up with, it could ultimately be a net benefit for Bitcoin in a long period since bitcoin could be more accessible to retail and institutional investors. The context of this week’s meeting could cast a short-term bearish movement over the market but Pompliano is confident on Bitcoin’s long-term prospects. The analyst pointed out that with the approval of Bakkt by the CFTC as proof that Bitcoin will continue to draw the interest of institutional investors.
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“$BTC Red Alert!! Big move should happen in the next few days or early next week!! Ema’s are all bunched up together. And right at resistance,” he wrote on Twitter.https://twitter.com/CryptoFib/status/1173407775965233152 The trader also elaborated on a potential Bitcoin breakout. He leaned to the low side, suggesting a wick down below $9,000 which would not last for very long.
“It has always been my theory that $BTC is just building a new base to move off of. Could it wick down to 8500? Sure it could, but too many people are looking at that area and calling it,” he said.Other traders also suggested that a big move could be coming Bitcoin's way very soon. Right now, the bulls are struggling to overcome resistance at $10,450 and BTC has been below that for the past week. On the low side, a fall to $10,000 is where the first support zone for BTC lies. Just like DC Forecasts, many other best cryptocurrency news sites reported about something big potentially coming this week.
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