BTCC CEO Bobby Lee calls for Bitcoin Regulation
Head of the BTCC exchange Bobby Lee, who earlier this year stated that it’ll still be another 2-3 years before China regulates bitcoin, recently went on CNBC’s Squawk Box to talk about the cryptocurrencies and their state in China.
According to Bobby Lee, cryptocurrencies need to be regulated in order to avoid getting out of control and suffering major price swings, such as those we’ve already seen this year – Ethereum, for example, crashed to a $0.10 low on Coinbase’s exchange GDAX due to a major sell order.
Recently, cryptocurrency total market cap fell below $80 billion as most major cryptocurrencies have been losing value. Ethereum’s market cap, for example, nearly reached $40 billion last month, and is now below $20 billion, according to data from CoinMarketCap.
As more and more people enter the cryptocurrency ecosystem, major price swings become likelier, according to the CEO. Bobby Lee stated that with regulations, cryptocurrencies won’t run amok.Full Article Here I think that this man is talking something that is really worth considering. Although many of us may abhor regulations, yet present realities in the market seems to be validating that points he is making here. However, the regulations should be done to protect the investors and not to hamper or disadvantaged Bitcoin per se.
I am sure that we can expect more and more discussions along this topic as months will go by. This is an area which the whole Bitcoin community should start discussing now until such time there can be a clear consensus already achieved. It is time for many Bitcoin leaders to come up and speak up on this issue.
What is your stand on this proposal of Mr. Bobby Lee?
