Grayscale CEO Barry Silbert believes that the United States is not in a position where the regulators can support the ban of crypto assets especially the ones such as Bitcoin. In our latest Bitcoin news, we take a closer look at his analysis.
The Grayscale CEO, Barry Silbert, believes that the US regulators are past the point of return for banning bitcoin. The CEO said that he was “cautiously optimistic” about the chances of regulations in the United States for improving or at least not getting worse for the cryptocurrency:
“For the first time ever, we are past the ‘ban bitcoin’ perceived risk,” Silbert said. “There’s enough support in DC from policy makers and regulators that Bitcoin has a right to exist and ultimately you can’t shut it down.”
The CEO said that relationships with regulators are better off because of the effort made by groups including the Blockchain Association as the group speaking out in favor of crypto and blockchain companies in front of the Securities and Exchange Commission and the Coin Center which is a non-profit crypto advocacy group:
“As an industry, we’re just much better off than we’ve ever been from a relationship perspective out in DC. [These two groups are] educating policy makers around the benefits of this technology in this asset class. The catastrophic regulatory policy risk that maybe would have existed previously in DC is behind us.”
Grayscale Investments reported a huge increase in the inflow of cryptocurrencies for Q2 2020 which reached $905 million. The previous level in Q1 was $503.7 million. As previously reported, Barry Silbert believes that the altcoins were not really represented in the news. Bitcoin stole the spotlight so now the industry has decided to end to long crypto winter that started in December 2017 and large-cap altcoins such as Ripple, Litecoin and Ethereum are slowly trying to get to bitcoin. An altcoin price boom is still expected according to the historical trends. For example, back in October 2017, Bitcoin was running way ahead of other altcoins which were one of the moments of the crypto price correction on the market. Then, in December bitcoin’s market share crashed but the altcoins’ one boomed.
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