Bitcoin has been around for well over a decade and has achieved a certain degree of global popularity. However, there is still a lot of skepticism surrounding Bitcoin and other cryptocurrencies. Part of this is due to regulatory uncertainty. To this end, Rostin Behnam, the chairman of the Commodity Futures Trading Commission, has noted that regulation may lead to Bitcoin’s doubling in price.
If the CFTC Takes Over Regulation, the Price of Bitcoin will More than Double
During a fireside conversation with students at the New York University School of Law on Wednesday, Behnam said that regulatory certainty will provide a perfect environment for Bitcoin to flourish. He also predicted that Bitcoin may double in price if regulatory measures are taken by the CFTC.
This is not the first time that Rostin Behnam has talked about the benefits of regulation in the cryptocurrency space. In the past, the executive has noted that formal guidance from regulators would do a lot of good. However, the Commodity Futures Trading Commission isn’t the only body that could regulate the cryptocurrency industry. The Security and Exchange Commission in the United States is also keeping a close eye on the industry.
The problem is that the cryptocurrency industry was never designed to be regulated by federal institutions. A decentralized environment is supposed to be free of centralized manipulation in every way. There is also the issue of definition. The nature of cryptocurrencies makes it difficult to define them as commodities, currencies, or securities. While the SEC has publicly declared that Bitcoin and Ethereum are not securities, XRP still has not gotten the green light.
Bitcoin BTC Price Analysis Today
At the time of writing, the price of Bitcoin was $19,419.26. It was up by 2.63% against the USD. The cryptocurrency was struggling within the $18,901.27 and $19,688.34 range. History has shown that Bitcoin has what it takes to double in price within a few months. However, whether or not this price hike will be due to regulations remains to be seen.