Forex managing director Marc Chandler thinks the United States and EU will not prohibit Bitcoin

Bannockburn Global FX managing director Marc Chandler has remarked that the investors in cryptomonetary markets need not worry over a potential US or Western European Bitcoin crackdown.

Speaking of Bloomberg Technology, Chandler said that China's continued repression is the nation's longstanding bitcoin strategy.

However, he said that investors should expect some kind of regulation in general with regard to cryptocurrencies.

"I believe that Western Europe will not outlaw cryptography as much as certain individuals fear protecting their monopoly. However, it should instead be regulated to ensure that it is not utilized in unwanted actions. But aside the regulations from Americans, I think that the second obstacle will come," Chandler added.


He felt China's attack on Bitcoin had increased, stopping over 90% of mining activity. A further ban on crypto-trading has also been announced elsewhere. The move led to an important market drop for Bitcoin but the currency is rebounding. 

He observed that while Bitcoin today is regarded a value store, the asset has not met expectations based on previous price shifts. Bitcoin should not have held its rise despite the regulatory problems, according to Chandler in the midst of increasing inflation.

Especially, in the midst of Bitcoin's growing popularity, advocates consider it an inflation hedge. Space not appropriate for ordinary individual Bitcoin investments.

Chandler also questioned the space for Bitcoin investing, which is largely concentrated among institutional investors. Bitcoin's investment, he said, is not suitable for normal people, but recognizes that the asset grows as a diversifier in the portfolio.

With regard to the future price trend, Chandler argues that Bitcoin has no inherent worth. He pointed out that psychological elements are important to the future of the asset.

He said if Bitcoin trades around the $27,000 mark, holders are forced to sell. Bitcoin was in a recovery by press time, with trade at $35,052 and a 5 percent rise in recent 24 hours.


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