Earlier this week, Coinbase CEO Brian Armstrong expressed fears that the US Treasury might oblige crypt currency exchanges to verify non-castaodial wallets before withdrawing funds.
Commenting on rumours of such a “farewell gift” for the crypt industry from the current US president’s team, Mark Yusko did not rule out this scenario. However, he is confident that Bitcoin will cope with this threat as well.
“The financial services industry is generously paying the administration to create artificial barriers to competition, so current rumours are not surprising. The Bitcoin network is a global and decentralized system that will overcome this threat (as others have done before),” wrote Yusko.
CEO Morgan Creek believes that, in the short Crypto Engine term, such news can really cause fear, which is reflected in falling quotes. However, on a longer term horizon, the destruction of current bank business models seems inevitable.
Mark Yusko pointed to the weakening of the competitive position of banks that are trying to slow down the introduction of new technologies through cumbersome regulation. This strategy has been in place for centuries.
He also drew parallels with the events of 2017, when Chinese authorities imposed a ban on the Bitcoin and ICO exchanges. These moves by the Chinese authorities led to a 20% drop in the Bitcoin, and there was a lot of talk about its ‘death’.
That year, the first cryptovolta concluded with a fivefold increase after the correction. Activity moved to other countries and the adoption of Bitcoin continued.
In such situations, CEO Morgan Creek believes it is important to focus on investment rather than speculation. Against the backdrop of rumours such as tighter regulation in the US, the price could further deviate from fundamentally justified value. His advice is to hold and not react to volatility.
Recall that macro-investor Paul Paul has been criticized for his statement that the future of cryptology is not about anonymity and that it will be regulated and taxed as it is accepted.