{"id":136342,"date":"2018-10-30T12:52:05","date_gmt":"2018-10-30T16:52:05","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=136342"},"modified":"2018-10-30T12:52:05","modified_gmt":"2018-10-30T16:52:05","slug":"cryptocurrencies-come-of-age-as-bitcoin-turns-10-and-uk-taskforce-publishes-report","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/10\/cryptocurrencies-come-of-age-as-bitcoin-turns-10-and-uk-taskforce-publishes-report\/","title":{"rendered":"Cryptocurrencies \u2018come of age\u2019 as Bitcoin turns 10 and UK Taskforce publishes report"},"content":{"rendered":"
October 30, 2018<\/div>
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By George Prior<\/strong><\/p>\n

As Bitcoin celebrates its tenth anniversary and with the UK government\u2019s Cryptoassets Taskforce releasing its final report, the cryptocurrency market is \u201cunquestionably coming of age.\u201d<\/p>\n

This is the message from Nigel Green, founder and CEO of deVere Group, one of the world\u2019s largest independent financial advisory\u00a0organizations.<\/p>\n

It comes as the original and still dominant digital currency reaches its milestone tenth year\u00a0Wednesday.<\/p>\n

Also, it follows the publication on Monday of a report into the crypto sector by the Cryptoassets Taskforce alongside the 2018 UK Budget documentation.\u00a0 The British\u00a0Chancellor, Philip Hammond, created the Taskforce, which consists of HM Treasury, the Financial Conduct Authority and the Bank of England, in March 2018, with the aim of establishing a clear path to the establishment of the UK\u2019s policy and regulatory approach to cryptoassets and blockchain, the technology that underpins them.<\/p>\n

Mr Green comments: \u201cTraditionalists who somehow still believe that cryptocurrencies are \u2018just a fad\u2019 could be compared to King Canute who is said to have attempted to command the tides of the sea to go back.<\/p>

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\u201cIt\u2019s becoming increasingly clear that cryptocurrencies are the future of money.<\/p>\n

\u201cThis is evidenced by Bitcoin, the world\u2019s first cryptocurrency turning 10, and by more and more governments, regulators, financial institutions, and retail and institutional investors, amongst others, appreciating the real and growing demand for digital, global currencies in today\u2019s ever more digitalized and globalized world.\u201d<\/p>\n

He continues: \u201cThis is also underscored by the UK government Cryptoassets Taskforce\u2019s final report which states that \u2018the market is continuing to evolve rapidly’, before adding \u2018there is increasing institutional investment in this space, and many banks are starting to explore how they can interact with this growing market\u2019.<\/p>\n

\u201cThe report\u2019s proactive and pragmatic approach towards regulation of the burgeoning sector should be championed.<\/p>\n

\u201cIt is a sector in which there is a clear need for a robust international regulatory framework and ongoing supervision in order to further protect both retail and institutional investors, as well as to help tackle illicit activity.\u201d<\/p>\n

The Taskforce\u2019s report affirms: \u201cThe government, the FCA and the Bank of England will continue to be actively involved in international efforts [on regulation], and the UK will be a thought leader in shaping future regulatory approaches.\u201d<\/p>\n

Last week, the deVere CEO noted in a media statement: \u201cThere\u2019s an ongoing shift away from fiat money, and the momentum of this is only set to increase over the next 10 years.<\/p>\n

\u201cThe pace of mass adoption will speed-up and the cryptocurrency market cap can reasonably be assumed to reach at least 5000 per cent above its current valuation over the next decade.\u201d<\/p>\n

Today the cryptocurrency market is worth more than $400 billion, meaning it could reach the $20 trillion mark by the deVere CEO\u2019s prediction.<\/p>\n

Mr Green concludes: \u201cAs Bitcoin moves into its second decade and as authorities globally seek to harness the enormous potential of cryptocurrencies, it\u2019s clear the market is, unquestionably, coming of age.\u201d<\/p>\n

About:<\/strong><\/em><\/p>\n

deVere Group is one of the world\u2019s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.\u00a0 It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

By George Prior As Bitcoin celebrates its tenth anniversary and with the UK government\u2019s Cryptoassets Taskforce releasing its final report, the cryptocurrency market is \u201cunquestionably coming of age.\u201d This is the message from Nigel Green, founder and CEO of deVere Group, one of the world\u2019s largest independent financial advisory\u00a0organizations. It comes as the original and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-136342","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/136342","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=136342"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/136342\/revisions"}],"predecessor-version":[{"id":136343,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/136342\/revisions\/136343"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=136342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=136342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=136342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}