The recent rise in Bitcoin’s value has initiated varied reactions from different quarters of the industry. While holders of the cryptocurrency are excited with the extraordinary profit generated from their investment, some merchants are becoming more reluctant to accept Bitcoin because of its high volatility.
As Bitcoin’s price (and adoption) soars, more attention is being paid to the cryptocurrency, both by enthusiasts and regulators. Of course, the two sides often are far apart in their views.
Still much to behold
Varun Satyam, Co-Founder and CBO of almora.io thinks that more attention should be paid to how adoption will play out in developing nations. Satyam is of the opinion that Bitcoin has crossed the line where it can no longer be stopped, and the only thing left is to see how it develops going forward.
Satyam tells Cointelegraph:
“It is even more interesting to see how Bitcoin and cryptocurrency adoption in developing nations [will] be. A massive economic turmoil is coming ahead. Blockchain is absolutely going to bring more secure, privatised decentralised systems, almost rewriting the internet in best way. Bitcoin has grown so big that is unstoppable now and nations are in a fuss [about] how to react [to] it, the attitude will be completely uncertain and will change dynamically according to conditions.”
Push for adoption continues
On Thursday, Dec. 7 2017, ORCA Alliance in conjunction with EU40 – the network of young MEPs organised a roundtable titled “How should Europe react to the new boom in cryptocurrency?” The event included industry leaders such as Sarah Compani, Legal Advisor, Bitfinex; Craig Sellars, Co-Founder & CTO, Tether; Jorn Erbguth, Legal Expert; Natan Avidan, Founder, ORCA Alliance; Jeremy Gardner, Founder, Augur, and various parliamentarians. The roundtable took place on the premises of the European Parliament.
Natan Avidan tells Cointelegraph that the need for such event arises due to the lack of unified global opinion on both Bitcoin and cryptocurrencies. Avidan notes that even the most innovative and open-minded societies, like the European Union, have not yet released a single legal framework on the subject. He said:
“As an organization we would like to see a coordinated and liberal approach from the global community of regulators.”