One of the Great Defenders of Bitcoin Cryptocurrencies are Dead in the United States (1)-min (1)
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One of the Great Defenders of Bitcoin: “Cryptocurrencies are Dead in the United States”

-The investor saw Bitcoin at 200,000, but now he takes away its potential

-Chamath Palihapitiya believes that the regulation will not allow progress

-Authorities have intensified supervision after bankruptcies in the sector

One of the great defenders of Bitcoin has just gotten off the bullish ship. Although years ago he predicted that the main ‘crypto’ would reach $200,000, not only does he no longer see potential in it, but he anticipates the end of it. “Cryptocurrencies are dead in the United States,” says Chamath Palihapitiya, founder and CEO of the venture capital fund Social Capital, on the All-In podcast. In his opinion, the market has no future due to regulatory pressure from the US authorities.

Although the US Securities and Exchange Commission (SEC) has always warned about the risks of crypto-assets, the agency has tightened supervision and regulation since the FTX case broke out or came to light. Other ‘crypto’ fiascos. “You even have Gensler [SEC Chairman Gary Gensler] blaming the banking crisis on cryptocurrencies,” says Palihapitiya, alluding to the disproportionate attack by regulators on the industry. “They are firmly targeting them,” he adds.

Although the investor specialized in risk recognizes the scandals that the sector has experienced, he considers that the reason why greater supervision is being exercised is another. He believes that cryptocurrencies have managed to “push the limits” of the financial system and have “challenged” it, which is why the regulatory response has been forceful.

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