Continuous Rising Bitcoin Price Will Attract Government Regulation- Micheal Novogratz
Former Hedge Fund Manager Feels That Bitcoin Regulation Will Take Time And Won’t Come Off That Easy
The growth of Bitcoin has been phenomenal. But this couldn’t stop certain countries such as Russia and China from cracking down hard on this cryptocurrency. However since this regulatory overdrive was imposed by certain anti-Bitcoin nations, things have been relatively quiet in the legalization front with supreme bodies worldwide trying to find a way out which will bring in the goodness of regulations in crypto sphere without cutting down on its dynamism. Michael Novogratz, Former Fortress Hedge Fund Manager is apprehensive about the fact that the massive adulteration received by Bitcoins from mainstream media could once again trigger the regulation beast. However he feels that bringing upon regulation in such a sphere which has been developed around a decentralized architecture will surely be one tough nut to crack. Given such a scenario, it will take time for government bodies to come forth for planting their legalization flag.
Novogratz, had been extremely vocal about Bitcoins from the very start. However he shared his recent concern by stating that,
“I’ve got concerns that if price movements go higher, we’re going to get more regulation. But I think it’s hard to shut down. … I don’t think that’s a probability. One of the big risks out there right now is that prices are moving so fast that regulators are going to get nervous. I could legitimately see Bitcoin go $13,000, $14,000, $20,000, $25,000 and see somebody balk.”
The meteoric rise of Bitcoin has also created a major cause of concern with people constantly pondering over how it will all end. It has actually taken the shape of a scary upride which might either get stamped out, pop, continue or come crashing down. Novogratz added that, “we’re in a speculative frenzy. Period. Stop. How long can it go? Who knows. What’s interesting about this is it’s global.”
Experts have also been scratching their head thinking whether Bitcoin is an asset or a currency. Novogratz stated out in this regard that, “Bitcoin is winning out as digital gold. I don’t think it’s going to be a currency. … Nothing that volatile is going to be a currency.”
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Tarunima Ghosh Laha
Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.