Bitcoin community’s collaboration with Wall Street might ‘make things better’
Mass crypto adoption, as a topic, has been in the spotlight for almost a decade now. However, flights of fancy apart, there are a number of factors that affect the adoption of cryptocurrencies, perhaps none more important than regulations. While a recent report released by the Federal Reserve Bank of Dallas opined that regulatory measures need not always be bad news for crypto-markets, many others outrightly blame the current state of crypto-regulations for killing the ecosystem and driving away new adopters.
Tyler and Cameron Winklevoss, Co-founders of Gemini, were the latest to speak on the subject after they appeared on a recent podcast and opined that ‘thoughtful regulation’ is what the crypto-space is lacking at the moment. Winklevoss said,
“If crypto is going to go mainstream, we have to have some kind of regulation. Thoughtful regulation is a must. A market cannot thrive without some sort of rules-based system that tries to foster positive outcomes. At the same time, over-regulating the space is also harmful. It does have to be an either all or nothing kinda situation.”
An interesting question here is, do crypto exchanges also play a role in promoting adoption and how user-friendly are crypto-exchanges, to begin with. These are interesting questions that need to be answered, especially in light of the fact that Wall Street is expressing growing interest in crypto.
Just recently, macro investor Paul Tudor Jones invested in Bitcoin while JP Morgan enabled BTC Banking. Interestingly, a few analysts have asserted that Wall Street’s interest in Bitcoin might be driven solely by FOMO. Whatever the cause, the crypto-space has noted remarkable changes with this ‘institutionalization’.
The Winklevoss twins argued that Bitcoin and Wall Street collaboration is only going to make things better.
“I think most people in Wall Street are actually concerned about what’s happening with the excessive printing of the US dollar; we are really on the same page if you think about it. But none of us know how to solve it. So if Wall Street comes along and brings in more people, it is only going to make things better.”
In conclusion, the crypto-space, at the moment, has achieved the ‘mass awareness’ stage. If sustained, mass crypto-adoption may soon be realized.