By Elena Siniscalco
[Re: Bitcoin ‘on the road to irrelevance’, says ECB, November 30]
Recent comments by the ECB and other banking stakeholders show that many central banks along with the regulators are missing the key point: Bitcoin is already being used to pay for goods while they are still debating whether crypto is an asset class or a currency or a farce.
Right now, regulators aren’t willing to join hands globally to form a strong common regulatory crypto framework. It is literally “to each their own” and we are seeing the results of that outlook. It was recently reported that over £500m was lost to crypto fraud in the last three years, but Bitcoin didn’t lead these scams, the copycats of the Bitcoin concept did.
Global regulators and central banks need to get up to speed on the fact that bitcoin is already being treated as a store of value and users are already using Bitcoin as an investment asset. Deep pocket investors who are in for the long term aren’t really bothered if Bitcoin has arrived at a new low because they know that at some point hysteria will reign and there will be a new high for them to cash out.
Francis Souza
ACI Worldwide
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