Carter wrote about this on his Substack, Pirate Wire, back in February. The best way to choke the sector would be to discourage traditional banks from dealing with crypto, or discouraging lending to an exchange or a bank like Signature and Silvergate. Those choke points would come from regulation, both real regulation and threats of regulation being tossed out there as talking points at pressers and on blog posts. Nic Carter, a partner at Castle Island Ventures and a former Fidelity Investments crypto asset analyst, said he thinks the government is creating “choke points” to make parts of the crypto industry unattractive, especially the crypto-related banks. Obviously, that is not true…at the moment. Recall last year that former IMF director and now European Central Bank president, Christine Lagarde, said “crypto is worth nothing.” This implies the market cap of Coinbase and the values of Ethereum ETH and bitcoin are worthless. Fedcoin will probably not want to compete with bitcoin. Nevertheless, the crash of SVB VB and Signature was quickly met with news of digital payments system FedNow, which many in the crypto world, myself included, believe will eventually become the platform for a highly centralized and programmable central bank digital currency. Unlike most cryptocurrencies, bitcoin has staying power. Like Elon Musk has the capital to go against the mainstream media, so do these guys have the capital to go against any pushback to turn bitcoin into nothing more than something you’d use to buy and sell fake swords on a PlayStation. Some would happily go rogue against the established powers of traditional finance and government. Wall Street loves crypto markets.īitcoin has made a lot of people in finance and tech filthy rich. Still, many Silicon Valley investors plugged into Washington like bitcoin and want to see it survive. government has “firmly pointed their guns at crypto.”) (Though Chamath Palihapitiya said last week that the U.S. It seems to me that the government is willing to put up with bitcoin, still.
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