TL;DR Breakdown
- MasterCard and Tesla adoption of Bitcoin would force the hands of the authority into crypto regulations.
- Bitcoin peaked ATH of $49,500 yesterday.
- Tesla’s adoption has stated in its latest filing that the company invested $1.5b in Bitcoin.
Due to the wide acceptance of digital currency and the recent adoption by financial and technology companies like MasterCard and Tesla, finance experts are calling for clear crypto regulations. Top on the list is Hester Peirce, a commissioner at the US Securities and Exchange Commission (SEC).
In a recently held interview with Reuters, Peirce thumbed up the wide acceptance of crypto by digital natives and the involvement of millennial investors in the financial market. A move that is changing the status-quo of investment. Peirce stated that the time is not ripe or too early to start making hypotheses from the recent frenzy that occurred in the popular social media app Reddit and other cryptocurrency assets.
The SEC executive is known for her pro-crypto view and support for the community, which earned her the nickname ‘Crypto mom’. Pierce is asking for clear crypto regulations to remove the web of uncertainties that have engulfed the status of the digital asset in the US.
SEC is a vital authority as regards the cryptocurrency market. A popular financial outlet, Finance guru said there was an over $50 billion drop in crypto-asset after the SEC issued a lawsuit against Ripple Labs for trading non-licensed securities known as XRP.
All across the globe, various regulatory bodies are becoming worried about the lack of crypto regulations and are looking for ways to bring about regulation of cryptocurrency assets due to the wide adoption by stock traders and institutional investors. Elon Musk the CEO of Tesla has used his influence in the Tech community to encourage the adoption of Cryptocurrency.
Tesla adoption as stated in its latest filing that the company invested $1.5 billion in the most popular cryptocurrency Bitcoin, Tesla has also allowed payment for its electric cars to be made in Bitcoin. MasterCard, one of the biggest players in the financial market has announced last week that the company has plans in place to adopt cryptocurrencies this year.
This acceptance by these companies who are major players in the stock market will further boost the ever-increasing popularity of cryptocurrency and also serve as a big win for major players like Tesla and MasterCard in the financial industry.
Pierce believed if there is a time for a clear regulatory framework for cryptocurrency, the time is now. Bitcoin peaked at ATH of $49,500 yesterday after the high demand from stock traders.
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