Cryptocurrencies

SEC Chairman Acknowledges Bitcoin (BTC) As A Store Of Value

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Having become credible in the eyes of institutions since last year, the status of bitcoin as a store of value continues to generate much ink. While Steve Forbes considers cryptocurrency too volatile to play this role perfectly, the latter has just received strong support. SEC Director Gary Gensler recently told CNBC that bitcoin could well be considered a store of value. However, he expressed the wish that the cryptocurrency be subject to regulations that better protect its holders.


A rare digital store of value despite its volatility

Known for his proximity to the cryptosphere, the new Director of the SEC (Securities and Exchange Commission) took the liberty of praising the merits of bitcoin in its latest release. Differentiating it from other cryptocurrencies that he calls securities, he recognized that bitcoin deserved the status of store of value. ” It is a rare and numerical store of value, but very volatile. And there are investors who want to trade it, and trade it for its volatility, in some cases just because it is less correlated with other markets. I think we need more investor protection in this area ” did he declare.


While it does not make cryptocurrency volatility an issue, it does emphasize the main point of contention between the cryptosphere and governments, namely regulation. In particular, he demands this in the interest of investors. like what is done on other stock markets. Also targeting the use of cryptocurrency, he considers it essential that this market be subject to the permanent control of an authority. This should in particular according to his words take care of the fight against fraud and anti-manipulation with cryptoexchanges.

Preserving the American heritage in technological innovation

If the intervention of government authorities in the bitcoin market is rather badly perceived within the crypto community, Mr. Gensler wanted to reassure the latter. Regarding the SEC he heads, he defended the idea that it had to be neutral in terms of technological innovation. Although the latter has always been the pride of the country, he would not want its preservation to become a source of market manipulation. “We need to update and refresh our rules to make sure that while investors and any individual have First Amendment rights to speak and so on, that they do not mislead the public, that they do not manipulate the public, that they do not manipulate the markets »He warned.

Even if this is a personal opinion, this exit of the Director of the SEC proves that the adoption of bitcoin continues to make its way within the governmental spheres. It also shows that the latter are not about to abandon the idea of ​​exercising control over this market under the guise of investor protection.

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DISCLAIM

The comments and opinions expressed in this article are those of the author alone, and should not be considered as investment advice. Do your own research before making any investment decisions.

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