It’s been a nice year for crypto.
Bitcoin is up over 100% from the beginning of the year. But does this mean we’re going straight to 20k and new all-time highs? I doubt it will be that easy.
The headwinds I see, in a word, regulation.
The last few years have been ones of regulatory uncertainty in the crypto universe.
Now some of these regulatory agencies are starting to make rulings and policies.
The Financial Action Task Force (FATF), recently published preliminary guidelines for cryptocurrencies on its website.
FATF is an organization that develops policies against money laundering and is made up of over 30 countries. Of course it wants to regulate the crap out of crypto.
Then you have the IRS, who’s saying it will finally issue some guidance on cryptos… soon.
FinCEN, aka the Financial Crimes Enforcement Network, recently published guidance as well.
It says dApps have to follow US money transmitter rules.
Rumors are India may ban digital currencies all together.
All that to say we’ll likely see more regulatory “bad news” in crypto in the future.
And those will be good buying opportunities imo.
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