During an interview with the Bloomberg TV chain, Bitcoin miner Peter Wall, qualifies the regulations as necessary for the crypto universe. In this way, he explains, being protected by regulators, cryptocurrencies can generate more trust among those who have not yet adopted them.
It should be noted that regulations in the crypto sector are just taking their first steps. Despite this, they seem to be taking flight due to the concern caused by the recent volatility of cryptocurrencies, mainly Bitcoin.
It could be said that to the same extent that the meteoric growth of digital currencies is accentuated, the interest of regulators grows. The curious thing about the case of Wall, highlighted by Yahoo Finance, is that this miner considers the regulations as beneficial for cryptocurrencies.
What’s so unique about a Bitcoin miner passing regulations?
The fact that the miner Wall does not reject, but on the contrary, qualifies as positive the regulations to Bitcoin, is atypical. In general, people in the business of mining digital currencies are hostile and some of them brand regulators with strong adjectives.
Thus, regulators are seen by mining as centralized agents antagonistic to financial freedom. In that sense, the relationship between the two could be seen as difficult. The latter should be highlighted because regulators don’t have much sympathy for Bitcoin.
A convincing case of the latter were the statements of the UK FCA. This regulatory body warned that those people who invested money in cryptocurrencies, ran the risk of losing everything. It also prohibited the sale of crypto assets to retail investors.
That said, more important is the fact that the Bitcoin miner, Peter Wall, considers the regulations necessary, which he describes as beneficial. More if to this is added the fact that the US SEC denied the launch of an ETF to the firm VanExk ASociates Corp.
The volatility of Bitcoin has been one of the factors that alarms regulators, however, miner Peter Wall qualifies the latter as beneficial for cryptocurrencies. Source: Yahoo Finance
Why are regulations important according to Wall?
For Wall, the fact that central banks are looking to launch their own versions of digital currencies is a big step forward. Likewise, if the effort to regulate cryptocurrencies is successful, Bitcoin and its users could no longer be seen as pariahs of the financial world.
This Bitcoin miner owns a company dedicated to the extraction of cryptocurrencies, which has taken advantage of the bull run. It is about Argo Blockchain Plc, which, last year was valued at about 34 million and now exceeds 300 million dollars. This is a 1,400% growth.
It should be remembered that last year the cryptocurrency remained close to $ 10,000 per unit, with periods of very low volatility. Since then, the price of Bitcoin has reached limits close to $ 42,000.
In this stretch, important investors such as Paul Tudor Jones invested and, in a short time, saw great returns. The mentioned Jones, in an interview came to compare the investment in Bitcoin as the investments in Apple in its beginnings.
Data to take into consideration
Regulators and Bitcoin do not trust each other due to opposing interests between the two. England’s FCA, for example, warned investors that they were at risk of losing all their money if they bet on Bitcoin. However, the Bitcoin miner Peter Wall describes the regulations as essential for the development of digital currencies, assuring that users protected by regulators would have more confidence when using cryptocurrencies.