CFTC Chairman Believes BTC Could Double Its Price Under One Condition
The chairman of CFTC recently issued a statement in which he said that Bitcoin (BTC) has the potential to almost double its price. But to achieve that, it will have to transform into a regulated market in which the institutional level investors feel comfortable enough to invest! At the time of writing this, the price of Bitcoin (BTC) was below the $20K mark and showed a negative sentiment.
Requirement For Doubling Of BTC Price
Mr. Rostin Behnam (CFTC Chairman) revealed rather interesting news on how it is possible for Bitcoin to almost double its price. The only requirement is that it should trade in a properly regulated market such as stocks or commodities!
The current ecosystem of crypto is unregulated at large, but attempts have been made by several agencies, including the SEC, to bring it under regulation.
If we look elsewhere, the crypto industry is now facing increased scrutiny from relevant regulators around the world. For example, Ripple (XRP) is facing a $1.2 billion worth of legal action from the SEC on accounts of non-licensed securities sales. In the eyes of the regulator, the native token XRP is, in fact, security.
Similarly, a stablecoin called USD Tether is also facing some legal trouble over its USD reserves. The regulators have been forcing Tether to reveal its USD reserves to confirm and justify the current circulation of the USD Tether!
CFTC Is Unequipped To Pursue Major Regulations
Despite all the talks about crypto regulation, the funding model of CFTC is just not enough to pursue any major regulations. If inefficiencies like this are rooted out, it could remove the bad actors from the crypto industry!
Most of the cases which are taken up by the CFTC are usually in response to customer complaints or tips from whistleblowers. But if the funding of the CFTC is increased, it will allow the agency to pursue more investigations and thus regulate the crypto industry in the process.