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Bitcoin Will Face Tougher Regulation as Popularity Grows, Says Riksbank Governor

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The Swedish central bank’s governor says bitcoin will face tougher regulation given its sheer popularity that continues to grow.

“When something gets big enough, things like consumer interests and money laundering come into play,” said Stefan Ingves, Governor of the Riksbank.

On Monday the governor said that bitcoin and other cryptocurrencies are unlikely to escape regulatory oversight due to their sheer popularity, Bloomberg Reported.

Even though regulators have voiced their concerns about bitcoin and other cryptocurrencies, they continue to gain popularity. They have attracted the biggest financial institutions to enter the space, including major investment banks Goldman Sachs and Morgan Stanley, which now offer crypto investments to their clients.

A growing number of companies now accept bitcoin for payments, offer crypto-related services, and put BTC on their balance sheets. Goldman Sachs recently said that bitcoin has become a new asset class, seeing huge institutional demand for cryptocurrency. Bitcoin’s market cap recently surpassed a trillion dollars.

Governor Ingves opined: “When something gets big enough, things like consumer interests and money laundering come into play. So there’s good reason to believe that [regulation] will happen.”

Sweden’s Minister for Financial Markets, Asa Lindhagen, revealed the government is already working on tightening the standards for crypto exchanges, the publication conveyed. However, she noted that it is a “work in progress at the international level,” pointing out that cross-border cooperation with other governments is necessary to address the risk of money laundering involving cryptocurrencies.

Riksbank Deputy Governor Per Jansson raised concerns on Tuesday that the price of bitcoin and other cryptocurrencies keeps fluctuating excessively and they have “nothing concrete or substantial” underpinning their actual value.

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Bitcoin

Bitcoin Near $60,000 Per Coin After Bloomberg Report Favour Bitcoin ETF

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Bitcoin, the world’s most capitalised cryptocurrency, rallied near $60,000 per coin after a report by Bloomberg said bitcoin futures exchange-traded fund (ETF) will clear the U.S. Securities and Exchange Commission (SEC) late on Thursday.

Cryptocurrency’s most dominant coin rose to $59,961 per coin before pulling back to $59,258.38 at the time of writing.

The SEC is reviewing around 40 bitcoin ETF filings with multiple decision deadlines on futures-linked products hitting next week. According to Bloomberg, the regulator is expected to approve at least some of them, clearing the way for trading to begin.

The SEC does not need to take any formal action to approve the filings. Under federal law, applications can become effective if the SEC allows a mandated deadline to pass by without requesting changes or directing the aspiring issuer to pull the filing.

Bloomberg named applications by ProShares and Invesco as two proposals that may be allowed to launch under this law next week.

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JPMorgan CEO Continues to Think Bitcoin is Worthless

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CEO of New York-based international investment bank JPMorgan Chase Co, Jamie Dimon says in his personal opinion Bitcoin is worthless although the bank’s customers think differently.

The executive shared his views during an Institute of International Finance event on Oct. 11. At the same time, he said he doesn’t want to be a spokesperson. Dimon noted if clients want to purchase BTC, the bank can’t custody that, but gives legitimate exposure.

Dimon says he also finds that smoking is bad, but people want cigarettes and the demand is what makes markets. In July, JPMorgan started offering wealth managers access to crypto funds.

Joseph Young, a crypto and blockchain analyst noted on Twitter, there is no Bitcoin bull run without Jamie Dimon saying the coin is not worthy. Previously, JP Morgan CEO said several times that BTC has no future. Meanwhile, Bitcoin’s price hit a 5-month high, breaking above $57.500. The coin’s market cap stands at above $1 trillion.

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Bitcoin Hits 5 Month High; Trades at Over $54,000 a Coin

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Bitcoin, the world’s leading cryptocurrency, gained 9.64 percent on Wednesday to $54.900.10 per coin, a 5-month record high. The cryptocurrency has gained 24 percent in the month of October alone despite China’s regulations and restrictions.

“Bitcoin’s move to a five month high comes as no surprise to those who have been following this asset closely over the last few months,” said Jason Deane, analyst at Quantum Economics.

Markets often move on momentum and sentiment – especially after periods where it has been trading for a while in a price range, according to Deane.

Sentiment has significantly improved over the first week of October, signalling a shift away from the previous few months’ market panic. Bitcoin was trading at $43,798 on the first day of October, and has jumped over $10,000 since, to $54,220.

Denis Vinokourov, head of research at Synergia Capital, attributed today’s price pump to the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler telling Congress on Tuesday that the SEC has no plans to ban crypto.

“Gensler may have come across as very anti crypto but he is not here to kill off crypto,” said Vinokourov.

“Tectonic plates have come together with the threat of a ban being removed,” said Charles Morris, founder of ByteTree Asset Management.

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