According to Ryan Selkis, CEO and founder of Messari, regulators may see the recent rise of cryptocurrencies as a problem.
I’ve never been all that quick to jump on crypto, but I think anyone can misjudge the global regulatory risk, Selkis said Thursday in a tweet, adding:
If the crypto looks like a toy, it’s not a threat. When the stables reach the volume of PayPal and become private, they begin to look like weapons.
In the months since the price of bitcoin (BTC) fell below $4,000 in March 2020, it has surged above $60,000. DeFi assets also increased last year. The annual funding (YFI) was less than $1,000, according to CoinMarketCap, and has since risen to $48,000. Irreplaceable tokens, which are currently all the rage in the industry, are perhaps the most important of all. The artist known as Beeple recently sold an NFT artwork at auction for $69 million.
Selkis noted his price target for profit-taking, which could be seen as high regulatory considerations for bitcoin. I have pre-orders for an $80,000 sale, he said in his tweet. Sell 5% from $80,000 to $100,000, and 5% from $100,000 to $125,000, he said in another tweet in response to one of the comments on his first post. Then we’ll see how things develop from there, he added.
During the last major cryptocurrency boom in 2017, initial coin offerings, or ICOs, caused a stir. In the following years, US regulators strengthened oversight of the sector by launching a series of projects. Regulation has also influenced crypto in other parts of the fashion world, including the European Union, where the 5th Amendment was passed. The anti-money laundering directive applies.
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