The UK government has shown its intention to regulate bitcoin and other digital currencies, drawing them into the realms of financial regulation applied to banks and other financial services. But bitcoin is not a bank or a financial company based in the City. How would regulation apply to something that exists in the cloud?
The arrival of spot bitcoin ETFs in the US offers easy access to the masses. Purists will steer clear.
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After plummeting in June, the price of Bitcoin has remained at such a low level that it is causing the
Inflation and expected interest rate hikes likely play a part in Bitcoin's dropping value.
Was it two weeks ago that a successor site to the silk road was shut down. As a result bit coin took a 30 percent drop in its value. This is why even the most hard lined neo-liberal economists don't put any stock in bit coin. You'll never hear in the news - local crack house raided as a result the Euro lost half its value today. Best of luck to any of those invested in this.
There has to be some kind of regulatory body to prevent major currency shocks. Buying and selling goods in the long term would be extremely challenging because of the huge fluctuation in Bitcoin prices. I was surprised to see companies selling at fixed prices back when bitcoins were worth over $1000 US but now it's around $244 US. Anyone with a basic understand of macroeconomic will know this is true.
I understand that Bitcoin wins in the sense that you can trade anything, even illegal goods without getting caught, but who's going to be responsible when you lose all a major chunk of assets should the price flat line? Unless there is government intervention, it will never take lead like the US, Pound, Euro or Franc.