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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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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