Bitcoin’s “Last Stand”
Bitcoin supporters believe that the recent price stabilization of bitcoin is nothing more than a lull before the next surge. Experts are less optimistic.
According to the ECB experts, the current situation is rather similar to the artificially induced last gasp of bitcoin, and afterwards it will gradually completely lose its relevance.
It is worth mentioning that the ECB suggests no connection of the above to the recent FTX collapse. They point out that bitcoin simply wasn’t suitable as a means of payment. Thus, the market valuation of the coin is based purely on speculation, and the coin is not suitable for long-term investment.
In addition, experts note the flaws in regulation of cryptocurrencies. In particular, the regulation is elaborated and implemented with significant lags. As for various jurisdictions, the process is not parallel here either.
For example, the EU has already developed a full-fledged legislative proposal for digital assets MiCA. At the same time, the US legislators have not yet reached an agreement on the issue.
Meanwhile, the Brazilian Parliament approved the regulation of cryptocurrencies. The document was approved by the Federal Senate in April this year, but for almost half a year it has been in the Chamber of Deputies. The case for small – the bill must be signed by the president.