Bitcoin Price Hits New Record, Leads to Calls for More Regulation

A financial watchdog group says Bitcoin and other cryptocurrencies should be held to the same standards as the rest of the financial system.

Free Book Preview Money-Smart Solopreneur

This book gives you the essential guide for easy-to-follow tips and strategies to create more financial success.
2 min read
This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.
This story originally appeared on ValueWalk

As Bitcoin reaches historical maximum prices, regulation must now become an important priority for financial monitoring agencies, says the CEO of one of the organizations largest independent financial advice from the world.

The call to action from Nigel Green, CEO and founder of deVere Group, comes as the price of Bitcoin hit a new high, surpassing $61,000 on the deVere Crypto exchange on Sunday for the first time.

Green says: “Like it or not, cryptocurrencies, there is no getting around the fact that Bitcoin is becoming an increasingly important part of the global financial system. Bitcoins in circulation are now worth a trillion dollars, and prices have recovered 890% over the last year. Most of the major financial institutions, including investment giants and payment firms, are now backing the world's largest cryptocurrency, and there is growing interest from retail investors."

He continues: “The movement towards digital currencies will increase, and at the same rate, in the coming years. That is why financial regulators must now make regulation of the crypto sector a major priority."

Reduce any potential disruption

“With a growing dominance, Bitcoin and other cryptocurrencies must be held to the same standards as the rest of the financial system with a solid and viable international framework. This will help reduce any potential disruption to global financial stability, protect investors, address illicit activity and give an economic boost to countries that adopt and adhere to it."

Previously, the head of deVere, who is a long-time and high-profile cryptocurrency advocate, has said that one of the best ways to tackle regulatory issues is through exchanges.

“Almost all currency transactions are carried out through banks or exchange houses, and this is what should happen with cryptocurrencies. When the flows go through regulated exchanges, it will be much easier to address possible irregularities, such as money laundering, and make sure that taxes are paid," he said.

"For this to happen, banks will need to open accounts for exchanges, so they must be regulated."

The deVere CEO concludes: “We are at an important point for Bitcoin, which is now worth more than the GDP of many countries. Financial watchdogs need to bring this asset class to the regulatory shop sooner rather than later through exchanges."

More from Entrepreneur
Our Franchise Advisors are here to help you throughout the entire process of building your franchise organization!
  1. Schedule a FREE one-on-one session with a Franchise Advisor
  2. Choose one of our programs that matches your needs, budget, and timeline
  3. Launch your new franchise organization
Discover the franchise that’s right for you by answering some quick questions about
  • Which industry you’re interested in
  • Why you want to buy a franchise
  • What your financial needs are
  • Where you’re located
  • And more
Try a risk-free trial of Entrepreneur’s BIZ PLANNING PLUS powered by LivePlan for 60 days:
  • Get step-by-step guidance for writing your plan
  • Gain inspiration from 500+ sample plans
  • Utilize business and legal templates
  • And much more

Latest on Entrepreneur