• Congressman Brad Sherman has expressed his hopes for the sun to set on the age of cryptocurrencies.
• He questioned the alleged benefits of cryptocurrencies, saying their main purpose was to circumvent government oversight, rather than promote financial inclusion or innovation.
• Despite his skepticism, he predicted that crypto will „fade because of crypto,“ implying an eventual self-regulation within the market.
U.S. Congressman’s Crypto Critique
Notorious crypto-skeptic, U.S. Congressman Brad Sherman has once again stirred the crypto cauldron with his vocal critiques of cryptocurrency benefits and soaring valuations. In a recent interview with CNBC, he openly expressed his hopes for the sun to set on the age of cryptocurrencies and questioned its alleged advantages for consumers and economy.
Crypto’s Alleged Benefits Dismissed
Sherman dismissed the notion that cryptocurrencies have simplified transactions for consumers, citing an example where it is not easier or cheaper to buy a sandwich at Subway using cryptocurrency compared to a debit or credit card. He also voiced his skepticism over the soaring valuations of cryptocurrencies, questioning the logic behind Bitcoin’s worth compared to lesser-known digital currencies like Hamster Coin or Cone Tribe Coin and expressing concern that it has lured “charlatans” seeking quick profits.
No Need For Regulatory Intervention?
Despite his consistent anti-crypto stance, Sherman predicted that crypto would “fade because of crypto” in an eventual self-regulating future market without heavy-handed regulatory intervention from authorities like SEC’s recent crackdowns against major players like Binance and Coinbase.
Impact Of Government Oversight On Crypto
The fate of cryptocurrency hangs in balance as governments around world take notice and start regulating digital assets differently based on their respective jurisdictions‘ regulations – from banning completely in some countries to embracing them outright in others – thereby impacting greatly how different investors approach this space as well as what services are available to them when trading these assets online domestically or internationally.
It remains unclear whether U.S Congressmen’s intentions will ultimately affect how the global markets perceive cryptos and how they shape their regulations accordingly but one thing is certain: both negative and positive news coming from influential people can have serious repercussions on price movements which means investors should always stay up-to-date with latest developments related to this space before making any investment decisions about any particular asset class!