Hello dear followers especially to all the reader friends of the @LeoFinance community, let this opportunity serve to socialize some approaches on how Bitcoin price action could double if a regulatory framework is established to normalize cryptocurrency buying and selling transactions in the United States of America.
According to the chairman of the US Commodity Futures Trading Commission at a conference at New York University, Bitcoin's price action could double if a legal framework is established to regulate cryptocurrencies, an element that has detractors but at the same time has the support of institutional investors.
In attention to the socialized in the portal Coindesk, Behnam predicted that the price of Bitcoin could double with the entry of institutional if a favorable regulation is created that drives the growth of the market, since according to appreciation the growth could occur if we have a well-regulated space. Bitcoin could double in price if there is a CFTC regulated market.
The truth is that, for some analysts, the lack of regulation in the U.S. has been one of the biggest problems Bitcoin has faced, as many investors have not bought Bitcoin for fear of being subject to the scrutiny of regulators and their possible tax regulations.
In other words, the fear of non-compliance with some non-existent regulation has caused distrust when it comes to investing, however, a positive regulation will allow millions of dollars to enter the cryptomarket..
Therefore, Behnam's prediction is not far-fetched, even his forecast may be a bit coy, as positive regulation could be a fundamental that takes Bitcoin above its all-time high of $69,000.
In closing, I would like to know your opinion on whether a regulatory framework can indeed trigger an upward inflection point with Bitcoin's price action.
SOURCES CONSULTED
Coindesk. Bitcoin Could ‘Double in Price’ Under CFTC Regulation, Chairman Behnam Says. Link
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