Bitcoin’s recent price rally has sparked a new wave of optimism from investors and analysts. However, some remain cautious about regulatory moves that the incoming administration might bring. For analyst and trader Max Keiser, however, the only way for Bitcoin at this point is up.
Regulators Have Nothing on Bitcoin
Speaking to Express UK earlier this week, crypto analyst Max Keiser explained that any possible regulatory moves from the incoming Biden administration would have no effects on Bitcoin’s price. The analyst said that Bitcoin had attained “escape velocity” from American regulators, with other countries also taking note of the leading cryptocurrency.
The analyst spoke following a flurry of concern over incoming Treasury Secretary Janet Yellen and her possible regulatory moves for Bitcoin.
With the Trump administration barely making any progress on the regulatory front, many believe that Yellen will want to focus more on the emerging industry. Still, Keiser isn’t fazed. In part, he said:
“There is literally nothing they can do to stop it that doesn’t require them to print more fiat money which only makes the demand for Bitcoin, and price, go higher… Regulators in various countries are defecting to Bitcoin. It’s like the fall of the Soviet Union in 1991, except this time it’s the fall of the global central banks. Bitcoin is playing 4D chess, regulators are playing checkers.”
Biden’s Consequential Presidency
Despite Keiser’s comments, the skeptics remain confident that Yellen will be worse for crypto than outgoing Treasury Secretary Steve Mnuchin. While Mnuchin didn’t do much in terms of crypto regulation, he famously had nothing good to say about the industry. As skeptics believe, Yellen will be fiercer in her opposition.
Last week, Nouriel Roubini, an economics professor at the New York University and perhaps the crypto industry’s most ardent naysayer, forecasted that Yellen would be more decisive in controlling the crypto industry.
The professor had been in a debate with Jake Chervinsky, a lawyer, over the recent proposals from lawmakers that stablecoin payments be subject to on-chain Anti-Money Laundering and Know-Your-Customer (AML/KYC) security processes.
While Chervinsky believed that the proposal would have no chance of becoming an enforceable law, Roubini fired back in his characteristically fiery manner.
Citing his experience working with Yellen at the Council of Economic Advisers (CEA), Roubini explained that the incoming Treasury Secretary would come down hard on the crypto space much harder than Mnuchin did. For good measure, he threw in some insults Chervinsky’s way.
@jchervinsky : you are delusional. Biden’s team, starting with Yellen who was my boss at CEA, will crack down on this criminal tax evading & AML-KYC-TFC-evading crypto/shitcoins cesspool much more than Mnuchin. Get a life as you have become a crypto hired gun cheerleader/enabler https://t.co/558ziHBUWg
— Nouriel Roubini (@Nouriel) December 24, 2020
It is unclear whether the Biden administration will be good to crypto or not. For one, no one in the incoming cabinet has made any statements about crypto. While enthusiasts and detractors have made overtures to the President-Elect on possible policy proposals and cabinet picks, the administration has yet to respond.
However, it is rather apparent that Biden’s presidency will see some crypto developments. The crypto industry has become too mainstream to go another four years at least without any significant regulatory developments.