- Marc Chandler declares ‘No ban’ on cryptocurrency.
- He also states that there might be more regulations on crypto.
- Bitcoin is not for ordinary people, says Chandler.
Bannockburn Global forex managing director Marc Chandler asks crypto investors not to worry about the Bitcoin ban. As he confirms that there would be no ban on cryptocurrencies in the US and western Europe.
Chandler stated in an interview with Bloomberg Technology that cryptocurrency investors do not need to be concerned about the cryptocurrency ban. However, there may be additional regulations on crypto services that investors should prepare to deal with.
Marc Chandler also noted
“I believe that the United States and Western Europe will not outright ban cryptocurrency because some people are afraid of losing their monopoly. Rather, it should be regulated to ensure that it is not being used for illegal purposes.”
Significantly, Chandler concerns regarding China’s ban on Bitcoin and mining activities. Almost 90% of the miners have stopped their mining operations. Despite the fact that China’s crackdown on BTC resulted in a market collapse, Bitcoin managed to gradually rise.
Bitcoin Is Now Intended for Institutional Investors
Chandler says that Bitcoin is now a store of value, but with the recent market collapse, Bitcoin hasn’t met its expectations. According to Chandler, despite regulatory issues, Bitcoin should have maintained its battle in the era of economic growth.
Moreover, Chandler claims that Bitcoin investment is not suitable for the average person, but he acknowledges that the asset is growing in popularity as a portfolio diversifier. Besides, he also claims that the bitcoin investment space is now for financial firms.
However, the price of Bitcoin is oscillating up and down without a proper long-term pattern. Chandler holds that Bitcoin has no benefit in terms of future price movement. He states that psychological factors would be critical in determining the asset’s future.
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