#bitcoin #crypto #cryptocurrency #fed #sec
“Bitcoin was the 1st cryptocurrency and it is the best known, most widely held, and with about 46% of the total cryptocurrency market cap, and the most valuable”–Paul Ebeling
The Big Q: Is Bitcoin the only cryptocurrency?
The Big A: No.
As of June 2022 there were more than 19-K digital currencies in the marketplace, of which more than 40 had a market capitalization exceeding $1-B. Some of the more popular cryptocurrencies include BNB, USD Coin, Cardano, Tether, Ethereum, Polkadot, and XRP.
Fed Chairman Powell and SEC Chairman Gensler both have stated that they did not intend to outlaw cryptocurrencies, but Mr. Gensler said the SEC was exploring how best to ensure that the industry protects investors and consumers and follows anti-money laundering and tax compliance laws.
China launched a digital RMB Yuan in Y 2021 and it is estimated that at least 80 different countries around the world are exploring the idea of launching their own proprietary Central Bank Digital Currency. In March 2022, US President Biden signed an executive order outlining the US government’s objectives, policies, and actions regarding cryptocurrencies, stablecoins, central bank digital currencies (CBDCs), and other digital financial instruments that utilize distributed ledger technology (i.e. blockchain). The purpose of the order is to ensure US competitiveness in the crypto space, while also supporting responsible innovation, consumer and investor protection, financial stability and inclusion, and the reduction of illicit finance.
Knightsbridge monitors cryptocurrencies as regulations and technology evolve. While some traders have made money on the change in price of Bitcoin or other cryptocurrencies, most investors continue to treat them as a speculative asset primarily for trading with money outside a traditional long-term portfolio.
Have a prosperous weekend, Keep the Faith!