New FED Regulations Can Hasten the Demise of Crypto Market.
In April, Treasury Secretary Janet Yellen was about to launch a holy war on digital currencies, resulting in a flash crash. And, on top of that Biden is considering raising capital gains rates for the wealthy, there are rumours that Yellen plans to tax cryptocurrency at an astonishing 80% rate. This and other factors contributed to bitcoin falling below $49,000.
When you ask Wall Street's suites about cryptocurrencies, they all admit to being interested in them in some way. But if you keep questioning, they'll tell you something else: the crypto is about to collapse.
According to top executives, the crypto crisis may be happening right now, given the recent price drop. It could even happen next month or later this year. But hey, who knows what's going to happen!
Commissioner Hester Peirce of the Securities and Exchange Commission, dubbed "Crypto Mom" for her staunch endorsement of cryptocurrency, recently told Fox Business: “It’s really difficult to ban something that’s essentially a peer-to-peer technology.”
On the one hand, a crash is on the way, and a long dot.com-style winter is on the way. Crypto, like the renaissance of technology, will return and public mistrust of government and big banks is here to remain.
For now it is unclear exactly what Treasury Secretary Janet Yellen and SEC Chair Gary Gensler, have in mind to reinforce in the Cryptocurrencies market.
Related Article: Wall Street recently embraced Cryptocurrencies.
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