Heads or tails
- A cryptocurrency leader has predicted that the next largest company in the world will be one built on blockchain and will be based in Asia, not the US.
- Cryptocurrency regulations are much clearer in Asia, while uncertainty in the US doesn’t help consumer confidence and discredits the industry at large, said Ben Weiss, CoinFlip’s chief operating officer.
- “I haven’t heard any specific plans from Biden, or anyone, on Bitcoin regulation, but there has to be reasonable regulation,” Weiss said. “There has to be regulatory clarity, because the US is losing the blockchain battle right now in many different countries.”
- He believes any pro-cryptocurrency presidential candidate will win the youth vote for the next 15-20 years.
- Visit the Business Insider home page for more stories.
The next Apple or Amazon will be a blockchain company based in Asia, not the US, according to Ben Weiss, chief operating officer of CoinFlip, the largest Bitcoin ATM operator in the world.
This is because the US does not yet have the regulatory clarity necessary for the cryptocurrency industry to grow and innovate, Weiss told Business Insider in an interview Tuesday.
Compared to Asia, where regulations are much clearer, the US lacks well-defined rules that could boost confidence in digital currencies and help legitimize the cryptocurrency industry. Weiss specifically advertised Singapore as the potential home of the next largest blockchain company in the world.
After climbing around 46% this year, Bitcoin was trading at $ 12,338 on Wednesday. Weiss expects the price to reach $ 13,500 in the near term. The US government has practically ignored Bitcoin in recent years and will have to deal with it at some point, he said.
The cryptocurrency chief said regulations in the United States are needed not only to protect consumers, but to spur innovation as several institutional and retail investors realize the risk of not having a certain amount of bitcoin on their balance sheets. .
Read more: Investors are investing money in ‘zero-trust’ startups that help catch hackers in the act: here’s where 5 insiders are betting
But despite the growing interest in the digital currency space, there is still a lot of uncertainty surrounding the cryptocurrency industry, as US regulators and trade authorities did not issue any updated policy or guidelines prior to the November presidential election.
Weiss believes buying Bitcoin is one of the most political purchases an investor can make, as it is the most democratizing and inclusive financial revolution.
Democratic presidential candidate Joe Biden, who is currently ahead of President Donald Trump in polls, has no particular stance on Bitcoin or cryptocurrencies, although he has advocated for financial innovation.
“I haven’t heard any specific plans from Biden, or anyone, on Bitcoin regulation, but there has to be reasonable regulation,” Weiss said. “There has to be regulatory clarity, because the US is losing the blockchain battle right now in many different countries.”
Weiss believes that any pro-cryptocurrency presidential candidate, whether in this election cycle or the next, will win the youth vote for the next 15-20 years. “I am surprised that no major presidential candidate is completely behind Bitcoin yet,” he added.
Read more: A fund manager who is doubling down on competition in 2020 tells us about his strategy for investing in the “ K-shaped ” economic recovery and details the only 2 stocks he added as the market recovery took off
