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Bitcoin and Ethereum sold off roughly 5% on the news.
Cryptocurrencies have performed well since the beginning of the year in part because of inflationary concerns.
Bitcoin and Ethereum are both deflationary by design and are believed to be a hedge against inflation.
The news was the latest in a series of setbacks for cryptocurrency in recent weeks…
In March, regulators from the Securities and Exchange Commission (SEC) announced their intention to pursue legal action against Coinbase. The case represents just one of several active investigations by the SEC into the world’s largest cryptocurrency exchanges.
Despite the recent selloff, I continue to remain bullish on the cryptocurrency opportunity.
Earlier this year Ethereum completed its transition away from energy-intensive mining into a more sustainable ‘staked’ blockchain.
That transition not only improved the environmental friendliness of Ethereum but also allows Ethereum investors to earn a yield on their holdings and lays the groundwork for a faster and more scalable blockchain.
The issue of cryptocurrency regulation is nothing new. Smart investors in the space have long known that it was only a matter of time before regulators intervened.
However, I believe that regulators are unlikely to be successful in their attempts to control cryptocurrency.
The worldwide reach of the internet makes it really hard to enforce rules for cryptocurrencies.
I continue to remain optimistic about the potential for Ethereum and other top cryptocurrencies and believe the recent selloff presents a compelling buying opportunity.
Author: James Altucher
Source: AltucherConfidential
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