Global investors and crypto merchants are getting careful about what’s on the horizon for crypto under a Joe Biden Presidency believing that most cryptos are used for illicit financing.
U.S Treasury Secretary nominee, Janet Yellen has referred to cryptos to be of a “particular concern”
UBS Wealth Management is warning its clients against investing in cryptocurrencies, as they believe that regulatory threats and central bank-issued competitors can potentially wipe-out the big-name digital currencies.This was made know after a hack that affected Ledger’s 1 million customers in December 2020.
Recent survey conducted by one of Europe’s biggest banks, several market experts anticipate that the flagship crypto asset, Bitcoin, and a leading tech company have their prices highly inflated. Believing that most popular crypto could lose about 50% of its present value ad thus more likely to drop to the $18k range over the next year.
European Central Bank’s (ECB) President, Christine Lagarde, targeted Bitcoin on its role in facilitating criminal activity and the speculative nature that surrounds the general cryptocurrency market.
She also mentioned that world leaders need to increase regulations on the use of cryptocurrencies, while the ECB itself is focused on developing their own digital currency.
The Chief Investment Officer for Global Emerging Markets, Michael Bolliger, said that he thinks that there is nothing stopping a cryptocurrency’s price from going to zero when a better designed version is launched.
President-elect Joe Biden announced Gary Gensler as his pick for the Chairman of the SEC. Gensler has call the technology “a catalyst for change in the world of finance and the broader economy.