Community Trust ScoreLikely Real
Michael Saylor Shared: The winner of yesterday’s congressional hearing was Bitcoin.
For clarity, CEOs who made it to the Congressional hearing asked for regulations which are tailor made; however, they warned against harsh regulations which can eventually drive away innovation. They also discussed stable coins and how they function.
They also reinstated on how the usage of cryptocurrencies has only grown during the pandemic. Further pointed to how cryptocurrency has “contributed to working families looking for alternatives to rebuild their nest egg by investing in cryptocurrency.”
It was also stated, “Currently, cryptocurrency markets have no overarching or centralized regulatory framework, leaving investments in the digital assets space vulnerable to fraud manipulation and abuse.”
“We don’t need knee-jerk reactions by lawmakers to regulate out of fear of the unknown rather than seeking to understand. That fear of the unknown and the move to regulate before understanding will only stifle American ingenuity and put us at a competitive disadvantage.”
A concern expressed was that: “The regulations may be clunky and they may not be up to date.”
Reportedly, “A surprising number of talented traders have left for Portugal, Dubai, Abu Dhabi, Singapore and other jurisdictions that are not at all unregulated but have growth.”
The hearings did not lead to outbursts of arguments and it does not look like some hard and fast legislation might get launched in the immediate now. However, this is a starting step and this can lead to more regulatory clarity.
Community Response: Essentially us Elites (including myself) have out-speculated the entire market = too many bubbles blown. We now must use this opportunity to move capital in order to blow-up a new monetary class.
I still can’t get my head around why you think the dollar will still be the dominant currency? What are your thoughts about lightning, Can’t bitcoin also fulfill that role in the (far) future? Wouldn’t that be better?
The Countries that embrace Bitcoin will thrive immensely.
They spoke more about stable coins than Bitcoin. Web3 is bigger than Bitcoin.
Bitcoin is ‘not’ a currency. No point in trying to use it as one because nobody wants to sell.
If you are investing in something you have to be able to ask yourself, at what price am I a buyer, and at what price am I a seller, and why? Otherwise, you are just buying on pure speculation that there will be a greater fool.
