Bitcoin and cryptocurrencies have been put in the spotlight by the Nasdaq
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Bitcoin price soared to nearly $ 65,000 per bitcoin this week, up about 800% from last year, before falling – with investors trying to call where the top of the bitcoin market could be.
Now, a World Economic Forum (WEF) executive has warned that the burgeoning bitcoin and cryptocurrency sector could soon be hit by a “dramatic” round of regulation.
Bitcoin price has skyrocketed in recent months, rising to new all-time highs such as bitcoin and [+]
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“We’re going to see another round of some pretty dramatic attempts to regulate this space,” said Sheila Warren, WEF’s head of data, blockchain and digital assets and executive committee member, during an online interview. Bloomberg seminar on Thursday.
Bitcoin’s massive rally in 2021 has helped the broader cryptocurrency market hit a dazzling $ 2 trillion in recent months.
The rise of the long-awaited institutional adoption of bitcoin and Tesla
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“As there is more and more activity in these spaces, there is more and more demand signal for regulators to get involved,” Warren said.
Bitcoin price is up nearly 800% in the past year, hitting highs of nearly $ 65,000 each [+]
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This week, the Turkish central bank banned the use of bitcoin and cryptocurrencies for payments, triggering a bitcoin sell-off that drove the bitcoin price down from its latest highs. In March, it was reported that India would propose a law banning cryptocurrencies and could begin to fine anyone who trades or owns bitcoin and other digital tokens.
Elsewhere, bitcoin has been criticized for skyrocketing energy use – something that will rise if bitcoin price continues to rise – and its use by extremists to circumvent surveillance.
However, despite Warren’s warning, she is still optimistic about the bitcoin and cryptocurrency market, even after the massive price hike.
“Some see this as the peak, I think that’s absolutely wrong,” she added.