The uncertainty that comes with bitcoin and the cryptocurrency world can be a barrier to bitcoin adoption. This notion was in discussion at the Bitcoin 2022 conference in Miami Beach, Fla. Speakers at the event remained optimistic that there are regulators interested in better understanding the crypto world.
The notion of consumers accepting digital assets as a form of payment is a big step. This will lead to broader acceptance in the industry. However, some merchants have their doubts and are uncertain about the topic. According to the report, which is based on a survey of 3,000 businesses in ten countries. The majority of which are online marketplaces, financial technology, and e-commerce. Regulatory Bitcoin uncertainty will persist because the development of national legal frameworks for regulating crypto has been relatively slow.
The executive order put out last month by President Biden refreshed and noted the rules and regulations of digital currencies. The executive order set the uncertainty of Bitcoin aside. The information included in the executive order went from the risk crypto opposes to the benefits it serves. The day the executive order went public, the price of Bitcoin went up significantly, signaling that the industry was awaiting this change in tone.
The former Fortress Investment Group fund manager, Mr. Novogratz said, “The way politics are set up, were going to be in gridlock, but I think the chance of them really damaging things has gone way down.”
Michael Shaulov, CEO of Fireblocks Inc., a business developing solutions for the safe storage and transmission of bitcoin and other cryptocurrencies, notes that industry best practices were going forward without proper guidelines.
Shaulov said, “I think that, unfortunately, most of the regulators… they’re somewhat behind getting to the point where they will actually create a standardization around this.”
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