US lawmakers are out of touch with cryptocurrency as the future of money and delusional about with their thinking that digital cash is just a passing fad, claims a leading financial expert.
Speaking after a US Congressional hearing had grilled prominent cryptocurrency figures for two days, Nigel Green, CEO of one of the world’s biggest financial advice firms, deVere Group, slated the politicians on the committee as delusional.
“Many of the lawmakers’ stance on cryptocurrencies – which are almost universally regarded as the future of money – is out-dated and blinkered,” said Green.
“Some of their comments in the congressional hearings suggest that they think cryptocurrencies are a passing fad. That is delusional.
Call to regulate cryptocurrency
“The demand for digital, global, borderless currencies is only going to increase. This is inevitable as the digitalisation of our economies and our daily lives grows further and picks up pace further still.
“And because demand is set to soar over the next few years as retail and institutional investors pile into crypto, lawmakers now need to embrace them and bring them fully into the mainstream financial system with proper and robust regulation.”
Failing to regulate the cryptocurrency market would borders on negligence for three reasons, argues Green.
“First, it would provide further protection for the growing number of people using and investing in cryptocurrencies,” he said.
Bitcoin price surge
“Second, unless the US leads the way in the digital currency revolution, other countries – with perhaps counter values to those of America – will control it and it would be hard to ever take back that control.
“And third, there are enormous potential opportunities for higher economic growth by embracing cryptocurrencies. Why are lawmakers not seizing these with both hands?
“Digital currencies are the biggest innovation in payment systems in many decades. Facebook’s jump into the sector is a clear indication of the direction of travel in this regard and lawmakers must not put their heads in the sand – that is futile and counterproductive.”
During the hearing, the price of Bitcoin surged from a 2019 low of $9,165 on Wednesday to $11,004 on Saturday. Since then, the price has plateaued around $10,500.
Green has long been an outspoken supporter of cryptocurrency and led his company to pioneer the trading and wallet app deVere Crypto last year.