Ben Weiss, the chief of Operations at CoinFlip that is the world’s largest Bitcoin ATM operator makes a massive prediction that tech giants like Amazon or Apple will be followed by blockchain-built companies. The prediction further mentioned that these blockchain companies will be setting up base in Asia and the United States.
US Lacks Crypto-Clarity; Singapore Is The Next Potential Blockchain-Hub
Weiss’s prediction is based on a careful analysis regarding the US. He stated in an interview this Tuesday that the United States doesn’t have the essential regulatory clarity surrounding the cryptocurrency industry to innovate and grow yet. Without such an environment, information and support, the blockchain industry cannot hope to boom in the US in the future. The nation is not yet ready to welcome a major cryptocurrency boom if that happens in the near future.
In his statement he further compared the state of the US regarding the cryptocurrency market to that in Asia. According to Ben Weiss, there is a lot more clarity in Asia. US lacks a proper system regarding cryptocurrency. They don’t have well-defined regulations and rules that has the potential to increase confidence in digital cash users and the cryptocurrency market in general. Weiss particularly suggested that Singapore could be the next biggest blockchain hub of the world housing blockchain giants equivalent to Amazon and Apple.
In 2020, the Bitcoin market has seen a boom. Bitcoin has been rallying towards $13,000- easily crossing $12,000 and pushing further up. Weiss expects that Bitcoin prices will hit $13,500 by the end of the term. His statement further clarifies that the US government has ignored the 46% growth of Bitcoin this year. He mentions that if the cryptocurrency market continues to grow at this scale then the US government will be forced to address it later.
US Government Ignores Bitcoin Growth
Regulations regarding blockchain companies and the entire cryptocurrency scene is necessary to safeguard consumers, inspire innovation. More and more institutional investors are realizing the importance of having bitcoin back-up but there is no support for innovation by retail and institutional investors.
Despite the massive growth in digital cash, a huge amount of uncertainty still looms over this industry. There is a lack of US guidelines or policies regarding crypto-cash even before the presidential elections in November.
Weiss also believes the necessity of presidential candidates to take up a stance on the blockchain industry front. A pro-cryptocurrency candidate has huge chances of winning youth votes for the upcoming 15 to 16 years, states Weiss. However, none of the presidential candidates has given the required support to bitcoins.