Bitcoin [BTC], not a “lottery ticket” but “a great alternative to gold”
The CEO of CRYPTO.com, Kris Marszalek has very recently given an exclusive interview to Bloomberg focussing on Bitcoin [BTC], primarily. From the interview, it has become explicit that Kris is highly optimistic about the crypto market space, in general and Bitcoin [BTC], in particular.
On being asked about the chances of Bitcoin [BTC] to experience a massive upsurge despite its nature of being like a lottery ticket, he elaborately answers. According to Kris, he “wouldn’t agree that it [Bitcoin] has no use” rather it serves as “as a great alternative to gold.” He affirms that the common people call this digital currency “Digital gold for a reason.”
This cryptocurrency is “technically sound” and it has been “9 years its working.” He has concluded the answer stating, “I don’t think it’s a lottery ticket.’’ However, he feels it has the potential to become “a standard for everybody to have a portion of their investment portfolio in Bitcoin [BTC] over time.”
This is followed by a question on the manner in which Kris addresses the issue of recent security breach and hacking of digital platforms. He believes that regulators present worldwide should step in to curb instances of money laundering and other illegal activities. He has explicitly stated that the regulators should “make sure rules are clear for the cryptocurrency exchanges.”
He has opined that security flaws can be checked by the prevention of money laundering in the first place and secondly, by providing “investor protection.” He has commented, “It’s great for the market that regulators are coming in.” These rules are framed for “all participants to comply with” in the crypto market and make it a safer environment.
The next question sheds light on the volatile nature of Bitcoin [BTC], which can be reduced by having more people and thus, attracting fresh money. He has replied stating that in such cases investors need to “have a long term horizon” for at least five years. He has given an explanation saying, “Regulators right now like SEC are looking at irregular activity in the market that happened earlier in relation to Bitcoin Futures that are already trading.”
In the final segment of the interview, Kris has been asked about what Crypto.com offers. He has responded stating, “Our mission is to accelerate world’s transition to cryptocurrency.” He has commented that in the current scenario, conversion from fiat to digital currency and vice versa is a “complicated” process. He says, “We aim to simplify and make it cost effective,” so that it becomes “attractive to mass consumers.”
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