Cryptocurrency Adoption: Will Blockchain & Bitcoin Regulation Prevent Growth? | Blockchain Central

What’s is up you guys? It’s Blu here with the latest episode
of Blockchain Central, where we dive into the world of cryptocurrencies. No matter if you’re an entrepreneur, an
investor or just a tech-savvy person, you might wanna grasp the bigger picture of where
blockchain technology is heading in the near future. Before we start however, it is my legal obligation
to inform you that the content of this episode does neither represent financial, legal, or
tax advice, nor is it supposed to be understood or interpreted as solicitation to buy or sell
any securities, coins or tokens. What is the current stage of blockchain development? Is Bitcoin seen as a serious currency? Are governments open towards digital currencies
in general? These are only a couple of questions decision-makers
and opinion leaders have been dealing with in recent months. Let’s start with cryptocurrencies. As you probably noticed, the cryptocurrency
prices soared like crazy in 2017. While two, three years ago, Bitcoin was only
seen as a curiosity, in the last year it became a form of mainstream investment. And as you might expect, the money brings
attention – attention of governments to be exact. So much so in fact, that it became crucial
to come up with a rational form of market regulation,
which would not cripple its desire for innovation. The former white house secretary and CEO of
the Global Blockchain Business Council, Jamie Smith, states that rational regulation is
hard to achieve right now as regulators ‘literally don’t know what blockchain is’. This statement can be perceived as a solid
proof how early in the game we are, and how much education is required in order to make
any kind of conscious decisions. Nic Cary, CEO of said they
worked really hard the last years to educate policymakers and regulators, as most opinion
leaders still lack knowledge about the emergence of cryptocurrencies. Another question concerns the classification
of Bitcoin. Originally Bitcoin was thought of as a peer-to-peer
payment system. Jennifer Zhu Scot – a bitcoin advocate – called
Bitcoin a ‘rather lousy currency’ due to its relative slowness in performing transactions. According to her, Bitcoin is predominantly
seen as a digital store of value – a Gold 2.0 if you will. This representation of Bitcoin has been endorsed
by Joe Lubin – the co-founder of Ethereum. Whatever Bitcoin is being classified as, Christine
Lagarde, head of the international monetary fund, is stressing the urgency of looking
very seriously at cryptocurrencies with further regulation to follow. According to her, regulations are essential
in order to crack down on cryptocurrency-related criminal activity, such as money laundering. Still, Christine Lagarde emphasises her fascination
for the technology and potential massive change blockchain and cryptocurrencies will bring about. While Jennifer Zhu Scott highlighted the infancy
status of the technology, she concluded that we’re probably witnessing something truly
extraordinarily. Even the very reserved and bitcoin-critical
Cecilia Skingsley, deputy governor of the Swedish central bank acknowledged the fact
that ‘cash is growing out of fashion very quickly’. However the development of cryptocurrencies
unfolds , the global financial elite agrees: Blockchain technology will surely go beyond
just bitcoin and ICOs. The technology is here to stay and it will
be a game-changer for most industries. Don Tapscott – author of ‘The Blockchain
Revolution’ stated, that three years ago, he was pretty much the only one talking about
blockchain at the World Economic Forum. Even last year ‘blockchain’ was still
mainly discussed by insiders and enthusiasts. This year, in contrast, the topic is suddenly
well talked about, making the word ‘blockchain’ the second most used word at the gathering. As you might have guessed, the most used word
was ‘Trump’. All opportunities – especially those related
with brand new, revolutionary technologies – can of course result in substantial challenges. A Berlin-based blockchain opinion leader – Miriam
Neubauer – has recently described the blockchain technology as ‘the biggest socio-economic
experiment of our time’. What’s more, Inga Beale – the CEO of Lloyd’s
– stated that many jobs will change rapidly or even vanish completely. The question arises who will assume the task
of guiding people in this transformation? Will it be businesses or governments? It seems most plausible, that it will become
our own task to guide ourselves, making the ability of adaption one of the key skills
in the not so far future. If you want to get prepared and learn more
about blockchain, make sure to follow our channel. And if you liked our video, make sure to hit
that like button, share it with others and don’t forget to subscribe to Blockchain
Central to never miss a beat! Happy investing!

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