Bitcoin has been surging establishing new all-time highs while Coinbase NASDAQ listing has led to hopes of a further crypto boom. Cryptocurrencies are no more a thing of the future and mass acceptance is insights now. However, regulators throughout the world are taking notice of the cryptocurrency sphere as well. The largely-unregulated market of cryptocurrencies cannot continue to operate so – especially after surpassing a market capitalization of $2 trillion.
World Economic Forum’s head of blockchain and digital assets – Sheila Warren – has issued a warning of regulations to the cryptocurrency community. Warren commented the increased activity in the sphere is bound to lead to tight regulations being imposed.
Bank of America has issued the results of a survey conducted with 200 professional investors on their sentiments of the cryptocurrency boom. 75% of the respondents have regarded the crypto boom as a “bubble”, only a meagre 16% of the respondents did not consider it a bubble while the rest were uncertain.
In the other corner of the world, Bank of Korea Governor Lee Ju-yeol had given the cryptocurrencies a bashing of his own. The governor pointed out towards the numerous shortcomings of cryptocurrencies as a mode of payment – citing their unreliability and price volatility. Ju-yeol’s sentiments are also shared by United States Federal Reserve Chairman Jerome Powell who commented that cryptocurrencies do not have any intrinsic value and are mere instruments of speculation – making them highly unreliable.