Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
The G7 is meeting next week to explore the regulations around Bitcoin and other cryptocurrencies. Unsurprisingly, Anthony Pompliano is not worried.
G7 to Discuss Bitcoin
Next week, the G7 is scheduled and this time the leaders of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States will set aside some time to discuss Bitcoin and digital currencies at length.Â
Previously, the group had discussed the need for oversight and regulation within the nascent sector, but the final result amounted to each country developing their own regulatory frameworks or doing nothing at all.Â
Earlier this week, Morgan Creek Digital Asset CEO Anthony Pompliano briefly spoke to CNBCâs Joe Kernen about Bitcoinâs upcoming second âdebutâ before the G7.Â
The digital asset analyst focused on the fact that in just 10 years Bitcoin went from a fringe token discussed by technology zealots on the internet, to a serious discussion topic amongst regulatory institutions across the globe.Â
Regulations are Coming⊠According to the Trump Administration
As previously reported by Bitcoinist, U.S. President Donald Trump, Treasury Secretary Steven Mnuchin, and even Secretary of State Mike Pompeo, have issued official statements highlighting their opinions about Bitcoin and other cryptocurrencies.Â
Pompliano believes that future regulations will likely target fiat onramps such as wallet providers and crypto exchanges. The analyst conceded that these targeted regulations âcould definitely hurt in the short termâ as they will weigh on sentiment and deter people from investing in cryptocurrency.Â
Ultimately, Pompliano and many other analysts agree that regulations are something of an inconvenient truth. Nobody likes the idea of government oversight, regulation and tax compliance but in order for the sector to truly expand and mainstream regulations are required.
No Pain, No Gain!
Pompliano told CNBC presenter Joe Kernen that whatever regulations the G7 might cook up could it will âultimately be a net benefit for Bitcoin in a long periodâ, as the asset will be more accessible to retail and institutional investors.Â
The context and tone of next weekâs meetings could cast a short-term bearish cloud over the crypto-market but Pompliano remains confident on Bitcoinâs long-term prospects.
The analyst pointed to the approval of Bakkt by the CFTC as proof that Bitcoin will continue to draw the interest of institutional investors.Â
Do you think the G7 will develop a multinational crypto regulatory framework next week? Share your thoughts in the comments below!Â
Images from Shutterstoc
Â
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.