Bitcoin should be regulated as security: Billionaire Chamath Palihapitiya
According to Palihapitiya, regulators and lawmakers should treat the most valuable cryptocurrency asset as a security, even though it may not be one, according to a recent interview on the All-In Podcast.
Leading digital assets Bitcoin (BTC), according to billionaire venture investor Chamath Palihapitiya, should be managed as security.
Due to the volume and scope of the market, I tend to believe that Bitcoin should be managed as a security at this time, even if it is not one.
Know why BTC needs to be regulated as security
If a market player is trying to trade any type of very complex derivatives, for example in the credit markets, we need to go and establish these things called ISDAs.
It is really a type of account that enables us to venture into some of these really obscure markets and take risks, but the core idea behind it is a common set of guidelines, a clearing house and the capacity to manage risk.
None of these things exist here, so I think that’s the problem everyone is now trying to address.
According to the millionaire, the crypto industry’s unreasonable return expectations in decentralized financial protocols (DeFi) are another matter.
“All these shady business … Simply put, it seemed too fantastic to be exact. When you learn that this DeFi protocol can give you a return of 24 percent … We did not really question it since it never gave opinion.
According to Chamath Palihapitiya, who has invested hundreds of millions of dollars in bitcoin, it would be difficult to just ban cryptocurrencies.
He made the statement in an interview with CNBC’s Scott Wapner on Wednesday.
When Ray Dalio said that the government would try to “kill” bitcoin if it became really popular, and SEC leader Gary Gensler claimed that the cryptocurrency industry is “filled with fraud”, the billionaire investor was asked what he thought of these statements.
He argued that while decentralized finance and cryptocurrencies are part of the next step in the evolution of what is known as Web 3.0, Google and Facebook controlled the first two versions of the Internet by organizing, or producing, everything that is currently present. on that. .
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Steve Anderson is an Australian crypto enthusiast. He has been a specialist in management and trade for over 5 years. Steve has worked as a crypto trader, he loves to learn about decentralization, understand the true potential of the blockchain.
