- According to Marc Chandler, the U.S. and E.U. won’t ban Bitcoin.
- But he also said that investors should expect more regulation on cryptos in general.
According to Marc Chandler, the U.S. and E.U. won’t ban Bitcoin. Marc Chandler is Bannockburn Global Forex’s chief market strategist.
During an interview with Bloomberg Technology, Chandler said crypto investors shouldn’t worry about a possible Bitcoin crackdown in the U.S. or Western Europe. But he said that investors should expect more regulation on cryptos in general.
Marc Chandler noted,
“I think that the U.S. Western Europe is not going to be so much banning crypto as some people fear to protect their monopoly. But rather regulating it, making sure that it’s not being used to do undesirable activities. But I think that the other hurdle there’s going to be coming to besides the regulation from Americans,”
Further, Chandler’s view comes amid the crypto crackdown on Bitcoin in China. 90% of miners stopped their mining activities. Following this, Bitcoin traded as much as 9% lower Monday morning before recovering slightly.
Moreover, he also said Bitcoin is a store of value. But it has not lived up to expectations based on recent price changes.
In addition, Chandler also talked about the Bitcoin investments space. He noted that it is solid in institutional investors. As a result, he believes that Bitcoin investment is not ideal for ordinary people. But Chandler admits that crypto is evolving as a portfolio diversifier.
In addition, he said that holders would be forced to sell their BTC. This will happen if Bitcoin trades around the $27,000 mark.
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