US Government Keeps Close tabs On Bitcoin’s Trading Prowess

US Government Keeps Close tabs On Bitcoin’s Trading Prowess

The past week weeks haven’t been the best for Bitcoin and its investors due to the asset’s dip in price. Since the second week of the year, the price has been in a downward spiral, having reached a low price of $29,000. However, it showed glimpses of its financial prowess towards the end of the trading week by reaching $37,000 before crashing again. Despite showing some encouraging trading performance in the last 24 hours, Bitcoin is still far away from equaling its all-time high of $40,000 price.

Bitcoin remains the most improved cryptocurrency in the world

Despite its present underwhelming performance in the market, Bitcoin remains the most improved cryptocurrency in the industry since last. The latter stages of 2020 and the start of this year saw the world’s number one, almost doubling its financial worth and trading volatility.

It equally recorded a tremendous rise in the number of traders keenly interested in making lots of profit by trading their assets. Instead of benefitting from Bitcoin’s increasing fame and trading firm during the period, many governments were mapping out strategies to halt the industry’s significant growth.

According to former Goldman Sachs chief executive Lloyd Blankfein, many governments aren’t satisfied with Bitcoin’s impressive development and could do anything within their reach to stop its growth. Being a former head of one of the world’s biggest companies, Blankfein knows much about monetary regulations.

He claimed the legislators are eager to have a say in Bitcoin’s future. In his word, legislators would love to play a significant role in determining Bitcoin’s direction in the next few months. He believes the regulators are unrest over coin’s surge in price and value, and they might be forced to deploy a better plan to stop it from regaining its strengths.

Bitcoin attracts wall street players’ attention

As Blankfein predicted, newly inaugurated Treasury Secretary Janet Yellen disclosed her role in curbing Bitcoin and cryptocurrency from thriving in the United States. According to her in an interview, the crypto industry is deployed by wealthy businessmen to engage in illegal and money laundering activities. She said many crypto enthusiasts use digital assets to initiate and complete illicit transactions prohibited by the United States government. She keeps close tabs on the activities carried out in the crypto sphere, hoping to detect single out culprits.

Meanwhile, Blankfein expects more government officials to follow Yellen’s footsteps by monitoring everything happening in the crypto world as part of their anti-money-laundering mission. He further stressed that their actions could mitigate against Bitcoin’s growth in the future because many people would stop trading the digital asset as it appears the freedom and liberty is no longer obtainable. Will this be the end of Bitcoin and the crypto world at large? Not.

Despite Yellen’s comments, BTC is gaining more attention from Wall Street players. According to the global macro strategist at Saxo Bank — Kay Van Petersen, many Wall Street players are contending with Bitcoin’s achievements since 2017; and are set to adopt it as soon as it regains its trading power.