Several arguments should be made for why the ongoing development of onsite inspections of bitcoin exchanges by the People’s Bank of China is a positive move for the emergence of bitcoin as a true global currency of the future.
Shortly after news emerged that the PBoC is carrying out an onsite inspection of BTCC on Wednesday January 11, the spread of FUD – or fear, uncertainty and doubts – caused some users in the market to panic sell. This has lead bitcoin price to drop to its lowest since the start of 2017.
However, Brian Kelly, the author of the “The Bitcoin Big Bang: How Alternative Currencies Are About to Change the World,” argues in his latest commentary on CNBC that panic sellers are wrong as regulating, monitoring or otherwise cleaning up the exchange infrastructure is vital to attracting institutional investors. Over the next year, he sees three things likely to happen to bitcoin – it will go back to being a currency, become a new asset class for investors and become a hedge for global currency turmoil.
http://news.8btc.com/why-pbocs-inspection-of-exchanges-matters-for-bitcoin-trading-to-be-better
