When Bitcoin began over a decade ago, its creator initially envisioned it type of currency or form of payment. But as time went on, it became quite obvious that Bitcoin became a lot more than the creator(s) Satoshi Nakamoto envisioned. While there are still people that use cryptocurrency to make payments, they are a minority. The majority of investors are looking to make money off it by buying or trading it.
While it has certainly swollen to quite a massive degree, the market has not been kind to new investors. Representing the Wild West of the finance world, many prefer the freedom that it provides over other forms of investments. But with the rising cases of scams, uncontrollable volatility, and the inaccessibility to new investors, regulation is necessary. Many have talked about regulation and the impact that it will have on the market. One of the most recent influential figures to talk about regulation was the CEO of BitPay, Stephen Pair.
Pair talked about regulation with Karen Webster and said that there is a right way and a wrong way to regulate Crypto. He said that regulatory boards will have to be careful, as the slightest miscalculation can tank the market.
The CEO also referred to the SEC Chairman Gary Gensler comments about the market. The chairman said that there is not nearly enough investor protection in the crypto market as there should be. Investors constantly have to worry about their investments and newer ones are completely unable to access it.
Stephen Pair continued that rushing to judgment is the worst mistake that regulatory bodies can make. He also referenced a time when Congress were considering banning payments on the internet. Of course, that decision never came to fruition. However, the fact that it was even in consideration is why people have their doubts about Congress regulating crypto.
Finally, he said that the final tipping point for the market isn’t far. Both merchant acceptance and regulations will reach a middle ground. And when that happens, cryptocurrencies will be able to break into the mainstream of commerce.
Bitcoin is still far from becoming the main form of trade throughout commerce. It still has a long way to go if it wants to become more accepting of new investors. And with proper regulation, guardrails can come into place that will allow new investors to trade without risking their funds. But if the bid to regulate market goes south, it might leave a measurable impact on the market.
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