Look out below , Crypto is under attack by the US regulatory bodies .Criminal minds are in charge of the store. This cant continue . Secretly we suspect that by now our intel agencies plus the FBI have cracked the blockchain codes and know where every BITCOIN is going and to whose wallet they are going to . Recently the Crypto crooks have had their bank raided by the FBI recovering over $4 mill in ransom monies.
Danger Danger Danger – can you imagine one day one or more crypto currencies will just vanish from your log on page. No government guarantees , no FDIC , no banking regulators chasing down the stolen loot.. the world order of currencies are at stake . if you cant unlock your account – who do you call ” Ghost Busters ” ?
The past few weeks have not been particularly great for Bitcoin, the world’s biggest cryptocurrency and the trend continued on Tuesday. Bitcoin collapsed to its lowest level in three weeks as institutional investors seemed to be far more cautious about the cryptocurrency. However, that is not all.
PayPal and many other on line banks have phone numbers , identifiable officers and regulatory oversight. .you can work in multiple currencies and send and receive monies easily, why then crypto ?
There are some other factors at play which people need to be aware of. The chief of the United States Revenue Service also urged lawmakers to bring in stricter reporting rules when it comes to cryptocurrency transfers. The calls for stricter regulations seemed to spook the markets as many headed for the exits.
Charles Rettig, who is the head of the IRS, stated that the agency should be given clear-cut authority by the United States Congress so that it can gather vital information with regards to cryptocurrency transfers that are worth more than $10,000. Most of those transactions stay unreported and naturally the IRS is interested in those.
During his appearance at the Senate Finance Committee, Rettig also added that the market capitalization of the cryptocurrency market now stands at $2 million. In this situation, it is going to be a challenge for the IRS to track transactions since the digital assets are designed in a way so as to evade detection.
Moreover, institutional investors are also expressing their sentiments with regard to Bitcoin. Ruffer Investment Management confirmed on Tuesday that it had sold off its position in Bitcoin and made a profit of $1.1 billion.
The firm stated that it sold off its stake amid rising apprehension about the price of Bitcoin following the fast gains that were recorded not too long ago. In a statement, Ruffer stated that in the long term it is still interested in digital assets since it has a role to play when it comes to preserving wealth. However, in the short term, there were significant risks associated in Bitcoin due to the significant increase in price over a short period of time.
However, it’s not all doom and gloom for the world’s biggest cryptocurrency. MicroStrategy has been one of the biggest backers of Bitcoin among corporations and recently it emerged that it further raised its exposure to it. The company announced that in order to buy more Bitcoin tokens it boosted the size of its junk bond sale.
That said, it cannot be denied that Bitcoin declined by as much as 10% on last week and looks to be on track to record further losses. The cryptocurrency has suffered considerably since hitting its all-time high in April and from that point, it has gone down by 50%. Some experts have also suggested that Bitcoin might even go down to as low as $20000 a token eventually.