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I think its currently popular because its new and highly volatile and unregulated. Our society is quite busy with corona and while bitcoin uses a lot of energy
by Hermio 5y ago
I think its currently popular because its new and highly volatile and unregulated.
Our society is quite busy with corona and while bitcoin uses a lot of energy already, the market size is still very small. Core reasons why i think we don't hear more about regulating bitcoins.
Popularity doesn't correlate to real value.
- swensel 5y agoThe market cap of Bitcoin is currently larger than Facebook [1]. The total market cap of all cryptocurrencies is over $2 trillion, which is larger than Microsoft, Amazon, Google or silver, and nearing the market cap of Apple. I would not consider that a small market. It is not unregulated. There have been several lawsuits brought on to the space already [2][3]. Exchanges that don't enforce AML/KYC have charges brought against them [4]. It is less regulated than the stock market, but it is by no means the wild west, at least in the US. 1: https://companiesmarketcap.com/assets-by-market-cap https://companiesmarketcap.com/assets-by-market-cap 2: https://www.sec.gov/news/press-release/2020-262 https://www.sec.gov/news/press-release/2020-262 3: https://www.sec.gov/news/press-release/2020-338 https://www.sec.gov/news/press-release/2020-338 4: https://news.bloomberglaw.com/bloomberg-law-analysis/analysis-bitmex-failures-reinforce-crypto-aml-requirements https://news.bloomberglaw.com/bloomberg-law-analysis/analysi...
- Hermio 5y agoI reference bitcoin against 'normal' markets like Gold, shares or normal currency. But its true its value quadrupled in the last 6 month. I do hope though that the pressure on Bitcoin increases based on co2 consumption alone. But also all governments and law things are slow. Like if start a lawsuit today, something like this can take years right?