Last month Bitcoin has attracted a huge amount of attention. This popularity is associated with indicators that Bitcoin demonstrates. The record of the annual maximum is broken, the record hashrate is also set.
All this naturally attracts the attention of the public and authorities. Anthony Pompiano, CEO of Morgan Creek Digital Capital, spoke on this issue and shared his opinion on the attitude of the authorities to Bitcoin and the cryptocurrency industry.
The beginning of a new era
Anthony is convinced that bankers and politicians lack adequate technical education to develop the right Bitcoin regulation. Also, thanks to their actions, even in the traditional financial system, there are serious flaws that negatively affect the entire industry.
We have reached a record level of debt worldwide, including the total national debt of the United States and China. The last time such a situation was formed just before the last global financial crisis. For you to understand the scale: there are three times more debt in the world than GDP.
By the way, in May, Bitcoin brought its investors 55 percent of the profits. Over the same time period, the cryptocurrency has ceased to correlate sharply with assets like the S & P 500 and gold. Note that earlier the representative of the European Central Bank Villeroy de Galau made an extremely interesting remark about the situation in the world.
The main responsibility of the ECB is to ensure the stability of the economy, but monetary policy is not omnipotent. We do not have a magic wand with which one could work wonders. Now only political leaders can solve problems with uncertainty that has arisen in the global financial system.
We believe that politicians will delve more into the entire system in more detail and create adequate tools to adjust this industry.