News

Oct 10, 2023

The Emerging High Voltage Assaults on Bitcoin

Is there any reason to think that Bitcoin and its cousins will survive the high

Is there any reason to think that Bitcoin and its cousins will survive the high voltage assault from US and Canadian regulators. In the past, I had written that while cryptos could be decentralized (debatable though since mining is largely concentrated under few lords), the centralization of major exchanges implies that governments are still in control since exchanges need bank accounts to operate, and banks can only give those accounts, to only legally incorporated companies.

Interestingly, only governments give business licenses and permits. In other words, via exchanges, governments can influence and "quasi-regulate" cryptos.

That playbook is what we’re witnessing right now. The Canadian government has unleashed high voltages and many players are being burnt. Binance is under the crosshairs of the United States government. And just like that, the gyrations continue.

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Good People, do you think Bitcoin has a future in the land of dollars?

Bitcoin Sell-Off + Record Liquidations commentary by Leverage Trading

The impact was felt across various exchanges, as illustrated in the table below:

Ndubuisi Ekekwe, PhD, Chairman of FASMICRO Group, is the Lead Faculty in Tekedia Mini-MBA. He writes regularly in the Harvard Business Review. Email: [email protected]