QUICK TAKE: Bloomberg’s Positive View of Bitcoin Is Good02.26.2020 By John D'Antona
Bitcoin has just gotten its most high-profile backer – Presidential candidate Michael Bloomberg.
Bloomberg’s proactive cryptocurrency plans place him on the right side of financial history, according to Nigel Green, chief executive and founder of deVere Group, after hearing the New York-based billionaire presidential hopeful proposed creating a regulatory framework for cryptocurrencies in a new financial regulation plan.
In the recently released financial blueprint released by Bloomberg, the plan notes: “Cryptocurrencies have become an asset class worth hundreds of billions of dollars, yet regulatory oversight remains fragmented and undeveloped.”
“Michael Bloomberg is, to date, the only candidate to become president of the world’s largest economy who has devised a coherent plan for cryptocurrencies,” Green said. “The staggering pace of the digitalization of economies and our professional and personal lives underlines that there will be – must be – growing demand for digital, global, borderless money. Indeed, digital currencies are now almost universally regarded as the future of money.”
President Donald Trump is not a fan of the nascent currency. Last year, the deVere CEO criticized Trump who took to Twitter to say: “I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.”
In response, Green asked, “Does the President seriously think that traditional, fiat currencies are the way forward?”
He sees Bloomberg’s approach as good economics and not just politics.
“As such, Bloomberg’s proactive and progressive approach, which could be the first step to providing regulations to protect consumers and prevent illicit activity in the new age, must be championed,” Green continued.
Green has long been a vocal advocate for cryptocurrency regulation as digital currencies are already becoming mainstream and reasons that they should adhere to the same standards as the rest of the financial system.
“Regulation is necessary as it will provide further protection for the growing number of people using cryptocurrencies, the less likely it will be that criminals will use these digital payment methods, the less potential risk there will be for the disruption of global financial stability, and the more potential opportunities there will be for higher economic growth and activity in those countries which introduce it,” Green added. The Leader of the Free World needs to be ahead of the curve and on the right side of history on such a fundamental issue.”
Addressing payment for order flow is most important retail trading initiative.
KPMG acquired Bitcoin and Ethereum through Gemini Trust Company's execution and custody services.
The US SEC has not approved spot bitcoin ETFs.
SEC has approved bitcoin futures ETFs but not bitcoin spot funds.
The SEC rejected VanEck's application for a spot bitcoin ETF.