Politicians like Senator Elizabeth Warren and senior officials like IRS Commissioner Charles Rettig have recently called for more regulation.
Second, there is a shift in focus away from BTC, and towards altcoins, which are now taking center stage.
So, what does that mean for investors looking to go long today? The coin’s inherent scarcity helps support the case that it’ll increase in value over time.
And, the talk of regulation isn’t only about regulating it like stocks, or requiring the reporting of big transactions to tax authorities.
If this talk turns to action, what does that mean for the price of Bitcoin, Ethereum , and the rest of the altcoins? The initial news of increased regulation could cause similar volatility as we saw last month.
At least, according Brian Feinstein and Kevin Werbach, professors of legal studies and business ethics at the University of Pennsylvania’s Wharton School of Business, discussed in a podcast released back in April.
Add in the increasing disinterest in BTC, relative to other coins, and it’s hard to see there being a path to a rebound in the near-term.
Why? It’s clear that rival platforms, and their native coins, stand to gain further ground from what remains transactions.
Also, some analysts, including those at Goldman Sachs, are starting to think ETH will supplant it as a store of value.
So, will BTC sink because of this? Probably not.
dollar, if recent inflation winds up not being “transitory.” This may mean it’ll still rise in value over time.
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