billionaire entrepreneur Chamath Palihapitiyabelieves that the leading crypto asset Bitcoin (BTC) should be regulated like a security.
In a recent interview on the All-In Podcast channel, Palihapitiya suggested that regulators and legislators should treat Bitcoin as a security, if not a security.
“bitcoinI think it should be regulated like a security, even if it isn’t, and it could be regulated more as a commodity just because of both the size and size of the market.
For example; ISDAs if you are a market participant in credit markets trying to trade very complex derivatives of any type [Uluslararası Swap ve Türev Birlikleri] You have to create these things.
It’s basically the kind of account that allows us to take risks and take risks in some of these unique markets, but the core principle around it is a common set of parameters, a clearinghouse, and the ability to monitor risk. None of that is here, and I think that’s the first problem people need to solve for now.”
According to the famous billionaire, another problem that the crypto industry has is, decentralized finance (DeFi) unrealistic return expectations in protocols.
“All these activities (by describing them as shadow activities) seemed too good to be true. When you heard about how this DeFi protocol would save 24%, it didn’t make any sense, but no one really questioned it.”
At the time of writing, Bitcoin was trading at $19,056, down 0.94.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.