Rick Burnett, chief executive of LaneAxis, said will continue to lead digital markets even if it does not remain to be the top global cryptocurrency.

Speaking to Express.co.uk from the Cryptocompare MJAC Blockchain Summit, Mr Burnett said: “I don’t know if it’s going to be on top but it is always going to be a leader because it’s the founder.

“It is what people identify with.”

Bitcoin price decreased to $6,351.39 at 19:01 (GMT) on Wednesday, according to CoinDesk. It saw its highest value before Christmas when it reached the monumental price of just under $20,000.

The digital currency has faced criticism by banks and finance experts, with Nobel Prize-winning economist Joseph Stiglitz claiming that digital currencies will be “regulated into oblivion”.

ALSO READ   KYC Requirements Are Making ICOs Riskier, Not Safer

Mr Stiglitz also said bitcoin could be “worth just $100 in 10 years” following a future clampdown on money laundering.

The former chief economist of the World Bank warned the crypto community central banks have not yet clamped-down on bitcoin and other leading coins because the market is still relatively small.

The Columbia University professor told Financial News that once crypto “becomes significant” they will “use the hammer”.

He said: “People in power will move to regulate anonymous transactions. That you can be sure of.”

But the comments sparked backlash from some cryptocurrency experts. Kevin Murcko, CEO of cryptocurrency exchange CoinMetro told Express.co.uk: “Stiglitz’s argument that regulation will crash crypto is bizarre to say the least.

ALSO READ   Bitcoin Cash Markets Recover — While Infrastructure Support Increases

He said: “There’s certainly no precedent for this historically. When regulations came into the US stock market in the 30s, following the 1929 crash, it promoted investor confidence, and the market buoyed.

“Even taxation doesn’t particularly put people off; analysis shows that the Capital Gains Tax rate, for example, doesn’t have a significant effect on investment levels.”

Read Source

قالب وردپرس

WHAT'S YOUR THOUGHT

Please enter your comment!
Please enter your name here