The year has been a tough one for the business. After hitting a high of more than $68,000 in November of 2021, the price of the virtual currency has plummeted.
Some experts advise to take the fall in stride.
"If you're going to do this right, then what's been happening in the past nine months is completely irrelevant," said the founder of Edelman Financial Services.
He said that if you are investing for the next five to 10 years, this is a blip in the market.
The short term temperaments are being met with a mix of positive and negative factors that are guiding where the community goes from here.
Matt Hougan is the CIO of Bitwise Asset Management.
Hougan said that a massive technical upgrade in ethereum is a positive force for the future of the world's second- largest block chain. There is a wave of institutional investors coming into the market and an increase in venture capital activity.
The Federal Reserve and the Securities and Exchange Commission are trying to keep it from happening.
Hougan said that the volatile market was created by that and that it was difficult to figure out which way to go. We are likely stuck there through September.
Regulatory and legislative rules are needed for institutional investors to engage with Wall Street firms.
The adults in the room are aware of the benefits of regulation. We have 1% of people engaging in the virtual currency. The other 99% won't get you until they know what the rules are.
He said that they are seeing new rules coming out from the Treasury, IRS, and other organizations. They came from the SEC and theCFTC. There are over 50 bills in congress. All of this is good for your health.
Gary Gensler said that the SEC should have a big role in the enforcement of cryptocurrencies. In a speech this month, Gensler sounded a warning signal to organizations he thinks are violating securities laws.
Hougan said that there was a direct threat against large- scale entities like Coinbase. "They are on his horizon."
The firm's shares plummeted after it was announced that it was facing an SEC investigation.
The SEC has already reviewed the process that keeps securities off the platform, and we are confident that it keeps them off.
Although the SEC has already taken steps to enforce its regulatory agenda, proposals for more SEC oversight of the community are likely to be met with hostility from the community itself.
The SEC charged Block Fi Lending with failing to register the offer and sale of its retail product. The firm agreed to pay a $50 million penalty and stop offering and selling the product.
The large trading venues will have to register with the SEC in a year's time. Individual token is a long term term.
The number of people who own cryptocurrencies continues to rise, despite the challenges of the speculative assets.
The number of people who own it is the same as it was when it was at its high. Those who wanted are not going to be affected by this.
Rates of adoption from large investment firms show that digital currency is being used by Wall Street.
Hougan said that the coming in of Blackrock and Schwab reinforced the everyday investor's belief in the future of the virtual currency. I think that's been resolved. How large is that future?
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