{"id":151800,"date":"2019-07-19T09:30:48","date_gmt":"2019-07-19T13:30:48","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=151800"},"modified":"2019-07-19T07:19:14","modified_gmt":"2019-07-19T11:19:14","slug":"investors-continue-to-pile-into-cryptocurrencies-despite-u-s-lawmakers-out-dated-and-negligent-approach","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/07\/investors-continue-to-pile-into-cryptocurrencies-despite-u-s-lawmakers-out-dated-and-negligent-approach\/","title":{"rendered":"Investors continue to pile into cryptocurrencies – despite U.S. lawmakers\u2019 out-dated and negligent approach"},"content":{"rendered":"
July 19, 2019<\/div>
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By George Prior<\/strong><\/p>\n

U.S. lawmakers\u2019 stance on cryptocurrencies is out-dated and bordering on negligent, affirms the boss of one of the world\u2019s largest independent financial advisory organizations.<\/p>\n

The comments from Nigel Green, founder and CEO of deVere Group, which launched its pioneering cryptocurrency trading app deVere Crypto last year, come after two days of congressional hearings this week to discuss Facebook\u2019s planned digital currency, Libra.<\/p>\n

It also follows Bitcoin\u2019s impressive 9 per cent jump on Thursday.<\/p>\n

Mr Green affirms: \u201cMany of the lawmakers\u2019 stance on cryptocurrencies \u2013 which are almost universally regarded as the future of money \u2013 is out-dated and blinkered.<\/p>\n

\u201cSome of their comments in the congressional hearings suggest that they think cryptocurrencies are a passing fad. That is delusional.<\/p>

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\u201cThe demand for digital, global, borderless currencies is only going to increase. This is inevitable as the digitalisation of our economies and our daily lives grows further and picks up pace further still.\u201d<\/p>\n

He continues: \u201cAnd because demand is set to soar over the next few years as retail and institutional investors pile into crypto, lawmakers now need to embrace them and bring them fully into the mainstream financial system with proper and robust regulation.<\/p>\n

\u201cIt is bordering on negligent not to do so for three key reasons.<\/p>\n

\u201cFirst, it would provide further protection for the growing number of people using and investing in cryptocurrencies.<\/p>\n

\u201cSecond, unless the U.S. leads the way in the digital currency revolution, other countries – with perhaps counter values to those of America – will control it and it would be hard to ever take back that control.<\/p>\n

\u201cAnd third, there are enormous potential opportunities for higher economic growth by embracing cryptocurrencies. Why are lawmakers not seizing these with both hands?\u201d<\/p>\n

In a similar vein, the deVere CEO slammed President Trump last week when he criticised Bitcoin, the world\u2019s largest cryptocurrency by market capitalisation. At the time he said: \u201cStanding on the sidelines, or worse looking backwards, on the issue of cryptocurrencies – which are redefining and reshaping the financial system – is a baffling approach for the leader of the world\u2019s largest economy to take.\u201d<\/p>\n

Mr Green concludes: \u201cDigital currencies are the biggest innovation in payment systems in many decades. Facebook\u2019s jump into the sector is a clear indication of the direction of travel in this regard and lawmakers must not put their heads in the sand and\/or attack \u2013 that is futile and counterproductive.<\/p>\n

\u201cInstead they must work alongside stakeholders to make the market stronger still as investors continue to dive into the likes of Bitcoin, Ethereum, Ripple\u2019s XRP and Litecoin.\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.<\/p>\n","protected":false},"excerpt":{"rendered":"

By George Prior U.S. lawmakers\u2019 stance on cryptocurrencies is out-dated and bordering on negligent, affirms the boss of one of the world\u2019s largest independent financial advisory organizations. The comments from Nigel Green, founder and CEO of deVere Group, which launched its pioneering cryptocurrency trading app deVere Crypto last year, come after two days of congressional […]<\/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-151800","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/151800","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=151800"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/151800\/revisions"}],"predecessor-version":[{"id":151801,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/151800\/revisions\/151801"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=151800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=151800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=151800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}