Although 2018 cannot be regarded as the best of years for the cryptocurrency industry. The digital currency has gradually lost 80% of its value, causing anxiety in the crypto industry. But some hard-line players in the financial market are bent on making sure that the industry is dead and buried.
War Against the Crypto Industry
The Chief Executive Officer of Alliance Global Investment, Andreas Uterman at a panel discussion held in London urged regulators to come down hard on Bitcoin and any form of currencies that is associated with the cryptocurrency market.
In an article by Reuters, Uterman was in a feat of rage, slamming the regulators for not doing enough to cut the excesses of the crypto community. Addressing the regulators, Uterman, 52 said: “You (regulators) should have outlawed crypto.” It is the belief of the executives of Alliance GI that cryptocurrency has wiped out people’s savings and should be scrapped to protect the sweat of the investors.
Uterman also expressed his disappointment in the regulators, stating that he was quite surprised that they are not that serious with the regulation of the crypto industry and urged them to do more in regulating the digital currency market.
Market analysts are thus of the opinion that the statement credited to Uterman and the position of Alliance GI is nonsensical, arguing that the sporadic rise in fame and popularity of the crypto market can be attributed to the lack of focus, transparency, and accountability on the side of the traditional financial economy.
Light At The End Of The Tunnel?
The end of the year is always filled with high hopes and expectations from crypto investors and traders, but they were met with the harsh reality. The declining value of the price of Bitcoin which has unfortunately led firms to re-strategize by reducing the numbers of their staffs and some closing down entirely as investors lose quite a lot of their investments.
But some are still optimistic on the chances of the crypto market, a financial advisor Lou Kerner believes that Bitcoin will be the Amazon of cryptocurrency breaming with the hope that the coin will come out of the situation stronger than before. Sharing the same optimism is Bitcoin Billionaire Tim Draper who is quite sure that the present predicament is normal and that Crypto will conveniently replace the fiat currency in the next five years.
This is not the first time that the crypto community will be facing criticism, after all, Bitcoin was never given a chance at inception, but right now, it’s more valuable than the US dollars.