The blockchain/crypto week in quotes

Here are the comments and tweets that caught our eye this week

Bitcoin is becoming increasingly a macrohedge for investors against things that could go wrong. Rate cuts are adding liquidity. Liquidity is pushing money into all these risk assets and also hedges, which is helping Bitcoin.” Fundstrat Global Advisors Co-founder Tom Lee

“Yes, there is a lot driving the ever volatile pricing of Bitcoin, but I think its value as a leading indicator into behind the scenes geopolitical tensions shouldn’t be ignored.” Peter Tchir, Forbes contributor and a former Executive Director at Deutsche Bank

“The increase in proliferation of digital asset projects outside the US, the movement of companies to leave the US and projects to get started outside the US is definitely getting people’s attention. It is ultimately going to lead to legislative initiatives to try and ensure that there are appropriate safeguards and investor protections but also clarity, which is much needed to allow the technology and industry to flourish.” Jeremy Allaire, CEO, Circle

“CryptoUK has called for the creation of a separate category to cover cryptoassets which constitute e-money under existing regulation so we are pleased to see that the FCA has listened to this feedback. Its announcement provides welcome additional clarification to the FCA’s taxonomy of cryptoassests and how the existing regulatory perimeter applies to them.

Britain’s cryptoasset sector is a key part of the UK FinTech industry but needs regulatory certainty to reach its full potential. We hope to see the final consultation, on potential changes to the regulatory perimeter, brought forward as soon as possible.” CryptoUK Chair Iqbal V. Gandham

“Our goal is Bitcoin for all. We are focusing on improving the Bitcoin experience for mainstream users. The user journey will always be central to our thinking.” Steve Lee, Project Manager at Square Crypto

Ethereum’s fourth anniversary should be somewhat bittersweet for folks in the crypto community. On the one hand, it is a celebration of the advent of this technology, which will certainly prove to be a milestone in the history of computing. However, on the other hand, this should also make us aware of the true difficulties we face in deploying decentralised technology. One thing we don’t like to admit in the crypto world is that we should be faster than this. In order for the best tech to win out, our brightest projects need to show their utility to the public through all means available. 

A popular refrain we hear in this space tells us that while the markets froth up and deflate, our best minds continue to tinker with the technology. But the truth is that our industry has proliferated with wonderfully complex and various projects, which may serve a vast number of use cases in both the public and private sectors.

We need more executive leadership in this space, thinkers and product managers who can work with the gate keepers amenable to our project, and when the time calls for it, ignore their admonitions and knock down the doors. We can’t keep depending on the biggest names within the industry, like Bitcoin and Ethereum, waiting for our giants to supersede the giants that came before. Instead, we need projects that will recognise these monumental achievements, and then move deftly enough to fully integrate into the endeavours and enterprises of everyday life.” Sky Guo, CEO and Co-Founder, Cypherium

“Engaging with regulators, policymakers and experts is critical to Libra’s success. This was the whole reason that Facebook along with other members of the Libra Association shared our plans early.” Facebook

The US government is trying to track down people who have traded in cryptocurrencies and tax them on their gain, if any. Yet they will tackle this problem the way they tackle most issues: without knowing or understanding how to do what they are requiring others to do. The same happened when Sarbanes Oxley came out. Congress gave Wall Street a new set of rules, a deadline to become compliant, and zero direction on how to do so. They figured they would let Wall Street find a solution for their problem.” Terraform Capital Managing Partner Michael Poutre

“Dear Congress, Please do not paint us with a broad brush. Many in the blockchain and digital currency industry are responsible actors. We are responsible to US and international law. We are responsible to serving the greater good.” Ripple

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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