Bitcoin (BTC), Cryptocurrency, News, Regulation

US Congressman Says Bitcoin Cannot Be Ignored Anymore By Regulators

The crypto industry is continuously witnessing massive growth, and its mainstream adoption is also rising high. A large number of institutional investors have already entered the cryptocurrency space, and more are coming with each passing day. It has attracted the attention of many major financial institutions and firms so far and continues to attract more. And all the credit goes to Bitcoin, the flagship cryptocurrency of the world, which has impressed many famous personalities with its glorious price performance.

Looking at the rising institutional as well as retail demand for the world’s largest digital currency, a United States Congressman says that it is very hard for the regulatory authorities to ignore Bitcoin any further. The United States House of Representatives Republican leader Kevin McCarthy says that instead of ignoring the leading digital currency, regulatory authorities from across the entire globe should need a certain action about it.

Kevin McCarthy shared this stance in a recent interview with CNBC, where the Congressman stated that digital currencies are only poised to expand in the future. And this is surely possible as not only the first-ranked cryptocurrency Bitcoin is showing huge growth in price value rather some other cryptocurrencies such as the second-major digital currency Ether and Binance’s native cryptocurrency BNB (Binance Coin) have also shown some amazing performances over recent times.

In addition to this, McCarthy also shed light on the importance of blockchain technology and prompted the United States government to explore the usage of blockchain tech and how the government can utilize it for enhancing its functionality.

This is not the first time that McCarthy has shown his likeness for cryptocurrencies. Rather back in the year 2019, he praised the decentralized nature of the dominant cryptocurrency in an interview with CNBC.

While on the other hand, Janet Yellen, the Secretary of the US Treasury Department, and Jerome Powell, the Chair of Federal Reserve, have shown a conservative attitude toward digital currencies, especially towards Bitcoin, in the past.

As the cryptocurrency industry and market are booming day by day, this exponential growth is putting regulatory authorities from across the entire world under pressure. The growth of cryptocurrencies is not going to stop. Rather it is going to increase further in the near future. Now, Bitcoin has also crossed the figure of $64k to make a new all-time high, and this is the indication of the fact that cryptocurrencies are going to grow further in the time to come.

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