Cryptocurrencies have mushroomed into a huge deal in the world of currencies. Those owning cryptocurrencies – especially Bitcoins – are experiencing a boom. The current value of a Bitcoin is around $47,000 and it had, not so long ago, soared to around $60,000.
However, this surge in Bitcoin’s valuation has only divided the markets across the world. While some countries have no problems in accepting it as a viable currency, others haven’t been so welcoming towards it.
To elaborate further, in June 2021, El Salvador became the world’s first nation to legalise Bitcoin as a legal tender. Nations such as Ukraine and Germany are also using Bitcoin, the latter for a long while now. On the other side of this acceptance story, is the disapproval from countries such as China and India.
Both China and India are adopting different ways and means to stop Bitcoin and cryptocurrencies’ proliferation there. Amidst these, is the United States’ approach to cryptocurrencies and Bitcoin. The US is expected to pass regulations in order to moderate the system of cryptocurrencies and Bitcoin.
And according to businessmen who are part of such systems that have been brought under a legal framework, this could bode ill for the cryptocurrency industry at large.
Bitcoin and cryptocurrency: What's next?
Speaking with CNBC recently, hedge fund conglomerate Bridgewater Associates’ founder, Rey Dalio shared his thoughts on the subject of such legalese entering the fray vis-à-vis Bitcoin and cryptocurrency.
“I think at the end of the day if it’s really successful, they will kill it and they will try to kill it. And I think they will kill it because they have ways of killing it,” he said. Dalio then added that cryptocurrency and Bitcoin needed to be considered as tender of the future, keeping tandem with the change in times.
“I think it’s worth considering all the alternatives to cash and all the alternatives to the other financial assets. Bitcoin is a possibility. I have a certain amount of money in bitcoin. It’s an amazing accomplishment to have brought it from where that programming occurred to where it is through the test of time”.