A WEF export issued a ‘dramatic’ Bitcoin warning amid Coinbase-fueled Bitcoin price mania

A WEF export issued a ‘dramatic’ Bitcoin warning amid Coinbase-fueled Bitcoin price mania

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Bitcoin and cryptocurrencies put in the spotlight by Nasdaq

NDAQ
 debut of crypto exchange Coinbase.

The bitcoin price rose this week to almost $ 65,000 per bitcoin, about 800% higher than this year last year, before falling back – with investors trying to call where the bitcoin market could be best.

Now a manager of the World Economic Forum (WEF) has warned that the booming bitcoin and cryptocurrency sector could soon be hit by a “dramatic” regulatory round.

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“We’re going to see another round of pretty dramatic efforts to regulate this space,” Sheila Warren, the WEF head of data, blockchain and digital assets and member of the executive committee, said during an online Bloomberg seminar on Thursday.

Bitcoin’s massive collapse in 2021 has helped the broader cryptocurrency market reach a striking $ 2 trillion over the past few months.

The rise of long-awaited institutional adoption of bitcoin and Tesla

TSLA
 Billionaire Elon Musk, who is turning the crypto market into a frenzy, has given the nearby crypto space legitimacy, while technological advances have enabled the growth of decentralized financing (DeFi) on blockchain.

“As there is more and more activity in these spaces, there are more and more demand signals for regulators to get involved,” Warren said.

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This week, the central bank of Turkey bans the use of bitcoin and cryptocurrencies for payments, causing a bitcoin sell-off that dropped the bitcoin price from its latest highs. In March, it was reported that India wants to propose a law banning cryptocurrencies and could start fining anyone who trades bitcoin or other digital tokens.

Elsewhere, bitcoin has been criticized for its sky-high energy consumption – something that will rise as the bitcoin price continues to rise – and its use by extremists to evade surveillance.

Despite Warren’s warning, however, she is still excited about the bitcoin and cryptocurrency market, even after the big price increases.

“Some people consider it the pinnacle, I think it’s absolutely wrong,” she added.

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