Cryptocurrency is a new form of payment that finds its roots in bitcoin. It is slowly replacing fiat currency and is said to be the next financial means of exchange. Its foundation is based on blockchain technology, and it is thriving because there is no identification of names or any middleman transactions.
However, the market is highly volatile, any individual can make profits within minutes or hours, likewise, any individual can make losses within minutes or hours, even seconds. This is the reason as to why the US regulators are always on it.
Another reason is that there are many scams claiming to be blue-chip cryptocurrencies that simply act as fundraisers or are ‘get-rich scams’. Many young investors end up losing sometimes even millions after investing in altcoins that have really no real use case. There are very few blue-chip coins that are stable, for example, bitcoin and Ethereum. Ethereum is even more stable than bitcoin.
US Regulators
US Regulators are in charge of controlling the financial markets and waves in the US. the Securities Exchange Commission (SEC) implements this. It was initially to enforce security laws and regulate the securities of the stock exchange markets, especially after the great depression caused by the collapse of the stock market in the US in 1929.
The Securities Exchange Commission was established to make sure the stock market never collapses ever in history. The SEC gradually began controlling other markets related to trading, including the cryptocurrency markets. It also tends to look like the ‘bad guys’, but in reality, they are just trying to protect the global markets from economic crashes.
Elon Musk on Cryptocurrency Thriving
Also known as the ‘Doge Father’ in the crypto community, Elon Musk is the CEO of Tesla, SpaceX. He is also a great supporter of cryptocurrency and nanotechnology. He believes bots are able to do autonomous tasks such as trading much better than human beings.
Musk plans on taking cryptocurrency to the moon, literally; Musk wants to take Doge to Mars. Elon Musk is trying to establish life on Mars and on the Moon. Musk even plans on planting the Doge flag there. Doge prices rockets every time Musk does a space launch.
Musk, in a conference openly stated that the government and US regulators should let the crypto market fly. Elon replied this following a question on the regulators imposing impossible rules on the crypto markets out of fear of losing financial control to the crypto world. Banks and government institutions will be highly affected and they constitute a larger part of the regulators.
Will Cryptocurrency Thrive?
The truth is cryptocurrency will thrive when US Regulators stop interfering with the general processes. Initially, the crypto market in 2008 was unregulated. The regulations have come up recently. Crypto traders face many challenges as a result.
The exchanges have to pay taxes, and some are restricted for use in America. Binance is a large cryptocurrency ‘mall’ that is facing a collapse due to a violation of an insignificant rule stated by the US regulators. The regulators are simply fighting the growth of the market rather than making sure the market establishes correctly and investors are protected from coins that scam people.
Conclusion
There is an overall global reset in the economic and financial markets. Change is inevitable and it is due to happen whether opposed or not. It is high time for US regulators to let the crypto markets take their ground and simply fly.
The truth is the market is highly volatile and there is a high risk of losing money in ‘shitcoins’; coins of low value and no use case. However, there is a new financial wave coming. The regulators could help stabilize the market rather than be against it.