After the South Korean Government announced it would impose strict regulation on cryptocurrency trading, Bitcoin, Ripple and Ethereum prices began to fall in past 2 weeks. This week, Bitcoin in particular seem to be recovering from the nose dive and stands around $11,020.76 at the time of writing this article. It seems though, more trouble is about to come in the way of cryptocurrency.
Bill Browder is an American financier and is the CEO and co-founder of the Hermitage Capital Management. He says;
Bitcoin and other cryptocurrencies are a way for bad dictators or criminals to bypass sanctions and so from my perspective, and I think from the perspective of politicians around the world, governments are not going to allow that to happen.
They will get to it and it will be extremely tough and devastating and hurt the share price.
They will eventually regulate all cryptocurrencies in the same way you can’t take out more than $10,000 out of the bank without reporting it to the US Government, they’re not going to allow people to take a million worth of bitcoin and move it from Russia to Switzerland. That’s just not going to happen.
What are your thoughts on the fate of cryptocurrencies?