In a recent interview on the CNBC Squawk Box, BKCM Virtual Assets founder Brian Kelly discussed the current state of the bitcoin market. One of the issues raised during the discussion was about the possible introduction of a bitcoin ban by the US Federal Reserve.
According to Brian, a longtime cryptocurrency supporter, it will be extremely difficult to "kill" bitcoin, and US regulators should look for ways to integrate cryptocurrency into modern finance. The most obvious is the creation of a regulatory framework for the regulation of bitcoin and other digital assets.
«In terms of killing the number one crypto asset, Bitcoin, it is going to be very difficult as the cryptocurrency is much like the internet. You cannot regulate or kill the internet in the modern age and time».
However, regulators can use tools such as AML and KYC. Currently, many people use the purchase of cryptocurrency for fiat funds to hide traces of money, as he stated.
"Regulating and overseeing Bitcoin should be governments concern rather than killing it as this will enable the cryptocurrency is not used for illegal financial activities or money laundering activities."
Unlike many experts, Kelly does not consider bitcoin to be a “safe-haven” since the cryptocurrency volatility is five times higher than the volatility of the S&P 500.
Meanwhile, the expert for the first time ever stated that bitcoin received the right to be called a macroeconomic asset used by institutional investors to hedge risks.