Bitcoin bull Chamath Palihapitiya believes cryptocurrency is dead in America after the recent crackdown by the Securities and Exchange Commission (SEC).
While the death of Bitcoin (BTC) has been announced over 500 times, Palihapitiya’s recent comments added to it. However, unlike other obituaries, he did not claim the death of cryptocurrency as an industry or technology.
Bitcoin is still set to reach $1 million, says VC
at 125 episode From the All-In-One podcast, Palihapitiya discussed the current regulatory scenario for cryptocurrency in the US, specifically where Coinbase plans to move offshore.
He is a tech investor who first invested in Bitcoin in 2012 and said two years ago that BTC had replaced gold. Moreover, he sees that Bitcoin will reach $1 million in the future. Palihapitiya said:
“Crypto is dead in America. I mean, now you have Gensler blaming the banking crisis on cryptocurrencies — so the US authorities have turned their guns aggressively on cryptocurrencies.”
Palihapitiya calls the regulatory process
Palihapitiya thought it was cool how the exchange that came closest to getting a license was FTX. talk on podcasts,
Coinbase played by the rules, stood in line, and tried to do the right things. Every step along the way, it seems, is getting right everything from board composition to executive composition to how they try to interact with regulators. However, they were probably the furthest from obtaining a license. The closest is the most scam, FTX.
Many industry stakeholders have also called out the lack of regulatory clarity in the US, but Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), believes, “Nothing in the cryptocurrency markets conflicts with securities laws.”
However, the community He says“Gary Gensler takes US innovations and markets off the ground with businesses built in the 1930s and 1940s to cover cryptocurrency.”
Encrypted business liquidations
While Coinbase plans to relocate, Bittrex already last month announced plans to wind down operations in the US even after the decision was announced, the Securities and Exchange Commission sued the exchange.
In the same lawsuit, the SEC called six altcoins — OMG Network (OMG), Dash (DASH), Algorand (ALGO), Monolith (TKN), NAGA (NGC), and IHT Real Estate Protocol (IHT) as securities.
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