CJ - Cryptocurrency Enthusiast
An MLIV Pulse study found that once regulatory bodies like the US Securities and Exchange Commission (SEC) started acting against shady businesses in the industry, respondents were more inclined to start investing in cryptocurrency market.
Notably, over 60% of the 564 persons who took part in the most recent MLIV Pulse survey indicated they thought the recent wave of legal action against cryptocurrencies was a good sign for the asset class, whose famed volatility has all but vanished recently.
For instance, the US regulators are investigating the defunct cryptocurrency enterprises Three Arrows Capital and Celsius Network, while the SEC is investigating Yuga Labs, the company that created the Bored Ape collection of NFTs.
“I'm in the "yes" camp”, recently declared Chris Gaffney, president of world markets at Tiaa bank. A regulated investment opportunity is needed as a professional investor, and more professional investors can get involved in crypto if it is more regulated.
Contrary to their position in July, most investors now have a modicum of optimism when it comes to Bitcoin investment. In contrast to the summer, when many projected that Bitcoin price would drop to $10,000 before climbing to $30,000, nearly half of those polled think it will remain between $17,600 and $25,000 until the end of the year.
Cryptocurrency is still a divisive topic, as evidenced by the wide range of opinions expressed by poll respondents, despite the industry's relative obscurity among traders. Ponzi and "future" tied for first position when asked to sum up the emerging market in one word.
There are many unknowns, including regulation, platforms, as well as what it actually is and what it will be used for, according to Victoria Greene of G Squared Private Wealth.
Greene concluded by saying that if one is a sincere believer, one may claim that cryptocurrency is the future. Traditionalists, on the other hand, might refer to cryptocurrency as a Ponzi scheme.
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