Patrick Byrne, CEO of Overstock spoke about the regulation of cryptocurrency and blockchain technology, in an interview with Noami Brockwell on Youtube.
The CEO started off by saying that he is concerned about the threats the country might face. He went on to speak about KYC and AML, which is currently being implemented by most of the leading exchange platforms. He stated that these policies are not meant to be “scoffed at”. Byrne further added that these policies were put in place in order to catch criminals. He said:
“We can take blockchain to the point where it really becomes anonymous. If you do that, there is going to be a lot of criminals and dangerous kind of people […] could e used for by bad actors to evade legitimate law enforcement”
Byrne further stated that he “loves” the idea of Bitcoin and other cryptocurrencies being decentralized and anonymous. However, he does not want people like Kim Jong-un being able to move money around the world without being spotted because of his bad intentions.
The CEO further spoke about whether the governments are becoming progressively worse as they get control over more technology. He also spoke about blockchain technology being used by governments for bad purposes.
He said there will be government surveillance as the world gets more digitized. Byrne added:
“We crypto anarchists want to remake society out of this technology. Is that going to work? Can we have an authoritarian state [China] own the underlying technology? That scares the hell out of me. If the underlying technology to our crypto revolution is made in China, it means ultimately Xi Jinping contrails the world”
Byrne went on to speak about the main barriers Bitcoin is facing to gain mainstream adoption, whether it was social barriers, technology or government barriers. He said that there is indeed social barriers, which are currently in the way of Bitcoin’s mainstream adoption. The most common stigma of the cryptocurrency is that people believe that it used for ecstasy or other drugs dealing, he said, however, the US dollar is also used for the same purpose.
In the government’s point of view, the CEO stated that they are “getting comfortable” with Bitcoin. He added that the western governments have started to understand that Bitcoin cannot be stopped. However, in authoritarian countries such as China have understood that if Bitcoin is not stopped now, then within ten years, it would be the end of their regime. Byrne added:
“So they have done a lot in the last nine months to it [Bitcoin]. They understand the power of blockchain but I think they’re quite afraid of the cryptocurrency movement. It gives people a way to communicate and do things outside of central institutions.”
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Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021
The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.
According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.
Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,
“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”
Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,
“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”
Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,
“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”
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