Does Bitcoin Need Regulators to Survive?
Deutsche Bank claims that one of the main reasons behind Bitcoin's price decline is ... a slowdown in regulatory progress. (This is according to Coindesk - I haven't seen the bank's note itself, but I take their word for it.)
You know what, maybe they're right? Give me back my 2016, when there was no regulation at all and Bitcoin was trading at $600.
But seriously - look at the language used by those who are now shaping public opinion around Bitcoin:
"This is a test for BTC's ability to adapt and regain support from regulators and institutional capital, moving beyond speculative hype."
They want to test Bitcoin's ability to regain support from regulators and institutional capital.
This really shows how far removed they are from Bitcoin.
- Bitcoin reached peak popularity without any support from regulators.
- For many years, Bitcoin's price rose despite negative assessments from regulators.
- And one of the most painful crashes began precisely when the first tools for institutional capital to enter the market appeared (in December 2017).
In short, Bitcoin does just fine without the support of regulators or institutional capital. The price is falling because buyers from the past couple of years - those who relied on the narratives promoted by Deutsche Bank and others like it - never really understood why they needed Bitcoin in the first place. And now they're ready to sell two bitcoins for the price of one.
