Wrong to Assume Investigators are Powerless in the World of Bitcoin & Virtual Currencies: Top Accounting Firm’s Report
- Cryptocurrency markets’ wild west days coming to an end as lawmakers look to toughen up the policies
- Facebook’s Libra announcement couldn’t have come at a better time for regulators
- Crypto markets should not be seen as a safe hiding place
The ‘wild west days’ of the cryptocurrency market are coming to an end as lawmakers toughen up, according to a top forensic accounting firm. Per the report titled, “The Days of a “Wild West” Cryptocurrency Market are Drawing to a close,” by BTVK, the lawless days for digital currencies like Bitcoin are entering its final phase.
About Facebook’s Libra announcement, the firm added, it “could not have come at a better time for regulators.”
“Laws are in development as we speak,” Alex Hodgson, senior consultant at BTVK, told the Telegraph newspaper following the release of its report. “Facebook has well-publicized issues in the past, and in response to that [regulators] are going above and beyond.”
Bitcoin’s “Wild West” Days are Coming to an End, all thanks to Facebook’s Libra
Facebook announcing the release of its new cryptocurrency project called Libra started out good for the crypto market as experts characterized it as an important factor in pushing Bitcoin’s price past $13,000 in late June.
“With the promise of better regulation across the world’s major economies, and increasing mainstream investor attention, prices tripled in the first half of 2019,” the author wrote in the report.
However, since then, BTC has been on a correction, wiping out all the gains it made during that period.
Facebook’s cryptocurrency plans also brought digital currencies in the limelight. From Treasury Secretary to Fed Chairman and the US President, everyone had something to say about Bitcoin and crypto in the last few weeks.
“If cryptocurrency markets were like the ‘wild west' in their early years, that period may be coming to a close as lawmakers look to toughen up the way in which markets are policed,” the author wrote.
Use of digital currencies like Bitcoin in illegal activities are the primary concern of regulators all over the world as President Trump and Treasury Secretary said so themselves, crypto assets “facilitate unlawful behavior, including drug trade and other illegal activity.”
“In the meantime, it would be wrong to assume that investigators are powerless in the world of virtual currencies. They have many tools, old and new, at their disposal which mean that cryptocurrency markets should not be seen as a safe hiding place.”