The repression of Securities and Exchange Commission (SEC) on the cryptocurrency industry in the United States has unexpected repercussions: Several market players say they want to invest in space, according to a new survey.
Notably, 60% of respondents in a survey said they view the recent regulatory crackdown on the cryptocurrency industry as a positive sign, with some saying regulation is providing the clarity traditional investors need.
Among the regulatory actions that have been taken in the United States in recent months is an investigation into the crypto hedge fund Three capital arrowswhich went bankrupt, as did the cryptocurrency lender Centigrade (CEL), which is currently engaged in restructuring proceedings under Chapter 11 of the United States Bankruptcy Code.
The survey was conducted on 564 respondents from Bloomberg Markets Live and the results were published by Bloomberg earlier this week.
One of the industry players who said they welcome the regulations and strengthen their enforcement is Chris GaffneyDirector of International Markets at TIAA Bank. According to him, a regulated environment “opens the door” for professional investors to enter the crypto space.
“I’m in the ‘yes’ field. As a professional investor, you need a regulated investment space, which makes it easier to engage in cryptocurrencies. The sooner cryptocurrencies move out of the Wild West and integrate traditional investments, the better Gaffney said in a report. comment to Bloomberg.
Separately, this time the respondents were slightly more bullish on the outlook for Bitcoin (BTC) than in the last survey in July.
At the time, more respondents felt that Bitcoin was more likely to go down to $ 10,000 than to go up to $ 30,000. Today, however, nearly half of respondents said they believe the crypto asset will continue to trade between $ 17,600 and $ 25,000 through the end of the year.
Regarding Bitcoin’s correlation with other assets and its recent high correlation with tech stocks, 42% of respondents said the correlation with tech stocks will remain the same over the next 12 months. At the same time, nearly half of the respondents, or 43%, said they wanted to increase their exposure to Bitcoin during this period.
Finally, while nearly half of respondents call cryptocurrencies “Ponzi” and the other half remain convinced that cryptocurrencies are “the future”, the least we can say is that this space remains the subject of discord.
“It’s almost like a religion: if you believe it, you will always believe it, regardless of the price or headwinds,” Bloomberg told Bloomberg. Green Victoryfrom Private wealth squared Gto summarize the results.
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