A WEF Exec issued a “dramatic” Bitcoin warning amid the coin-fueled Bitcoin price craze

by

Bitcoin and cryptocurrencies have been introduced in the spotlight by the Nasdaq

NDAQ
 the beginning of the Coinbase cryptographic exchange.

The price of bitcoin has risen to nearly $ 65,000 on bitcoin this week, up about 800% from last year before returning – investors trying to sound where the top of the bitcoin market might be.

Now, a World Economic Forum (WEF) executive has warned that the booming bitcoin and cryptocurrency sector could soon be hit by a “dramatic” round of regulation.

MORE OF FORBESThe new radical model of the Bitcoin price is revealed when the shock of the Bitcoin Rally could reach its peakOf Billy Bambrough

“We will see another round of rather dramatic attempts to regulate this space,” said Sheila Warren, WEF chief for data, blockchain and digital assets and a member of its executive committee, speaking during an online Bloomberg seminar Thursday.

The massive Bitcoin rally in 2021 has helped the wider cryptocurrency market reach $ 2 trillion in recent months.

The emergence of the long-awaited institutional adoption of bitcoin and Tesla

TSLA
 billionaire Elon Musk, who has turned the cryptocurrency market into a frenzy, has given legitimacy to the nascent cryptocurrency space, while technological advances have allowed the growth of blockchain-based decentralized finance (DeFi).

“As there is more and more activity in these areas, there is a growing demand for regulators to engage and get involved,” Warren said.

MORE OF FORBESBitcoin price prediction: why Bitcoin could rocket to $ 400,000 in 2021Of Billy Bambrough

This week, Turkey’s central bank banned the use of bitcoin and cryptocurrencies for payments, prompting a bitcoin sale that took the bitcoin price out of its latest highs. In March, it was reported that India was going to propose a law banning cryptocurrencies and could start fining anyone who trades or holds bitcoin and other digital tokens.

Elsewhere, bitcoin has been criticized for its high energy consumption – something that will rise if the price of bitcoin continues to rise – and its use by extremists to evade surveillance.

However, despite Warren’s warning, she is still optimistic about the bitcoin and cryptocurrency markets even after the huge rise in prices.

“Some see this as the tip, I think it’s absolutely wrong,” she added.

.Source