Crypto analyst view correlates with UK parliamentary sentiment
The UK parliament member, Matt Hancock urged the issue of Bitcoin’s necessity of having an open regulatory framework that resulted in a crypto analyst positive stance on the sector.
Hancock recently revealed that even though the crypto market did go through a huge sell-off, that hasn’t shaken his faith in the sector.
Regarding the recent crash of the cryptocurrency terra (LUNA) (UST), he said that this was just something that happens even in the mature markets.
“The crash of Luna and the pressure on other stablecoins serves as a reminder that cryptocurrencies are still currencies and the age-old rules of finance still apply,” he opined and compared the situation with the dot-com bubble crash in 2001.
“The underlying technology is so powerful … Just because the dot-com bubble crashed in 2001, we didn’t discredit the internet as a technology,” he concluded.
“No country can stop this revolution. We can only choose whether it happens on our shores or happens to us from elsewhere,” he commented and added that the UK can succeed only if and when it decides to embrace the new technology.
This also means, said Hancock, that the government has to be able to adjust to crypto because, in liberal governments, no one should tell “people what they can and can’t do with their money”.
“The job of the regulators is to make sure there is high-quality information and that the market functions effectively. What remit does the state have to tell them what they can and can’t invest in? I think that’s incredibly patronizing, ”Hancock asserted.
Aligned with Hancock’s sentiment, the crypto analyst Madeleine Hume also believes that crypto integration is crucial. “Rather than a swift takeover, we expect that integration with existing systems across financial services and other sectors will likely determine future adoption rates in the space,” she commented.
Hancock is no stranger to being a crypto advocate. He is famous for his claims that crypto regulation can be fantastic for the growth of the overall economy but also for making financial systems more transparent and reducing crime.
“We must understand and harness the potential of new technologies, not fear and avoid their disruptive power,” he said.
Still, he admitted he hasn’t invested in cryptocurrencies himself explaining that he wanted to “speak freely” about it without fear of having a conflict of interest.
Author: Teuta Franjkovic
A sincere writer with a strong will to share knowledge on all things blockchain, crypto, metaverse and DeFi. Starting out as a writer with Cosmopolitan, Teuta has risen through the ranks of business journalism, editing newspapers and websites within the fintech industry for over 15 years. She holds a double MA in Public Politics and Entrepreneurship.