The regulatory landscape for cryptocurrencies and digital assets is constantly evolving, and it’s possible that staking services offered by centralized entities in the US could face restrictions in the future. Despite the ups and downs, many people remain optimistic about the long-term potential of cryptocurrencies and blockchain technology
Cathie Wood of Ark Invest, well-known for her formerly contentious $1 million price target for Bitcoin, has criticised US regulators for their attack on centralised staking. Wood voiced her opinions over a potential ban on staking services provided by centralised entities that are subject to US regulation.
Taking to Twitter, Wood wrote, “So, activity moves to offshore exchanges or to self custody, self-sovereignty, and self-control? Decentralization wins. Great! Given regulatory arbitrage, however, US exchanges lose to foreign exchanges, not so good for US competitiveness in the crypto revolutions, in my view.”
Internet users agreed with Wood and praised her opinion amid the ongoing fiasco. One of the users wrote,
“Agreed, the shift towards self-custody and decentralization is a step towards financial freedom and privacy. It does pose a challenge 4 exchanges to remain competitive on a global scale. Hopefully, regulators find a balance that supports innovation while still protecting investors.”
Even some speakers connected it to the anti-Bitcoin witch hunt that forced Chinese Bitcoin (BTC) miners to relocate their equipment. Ironically, the United States and Kazakhstan were two of the process’s biggest winners in 2021.
Wood believes in the long-term potential of the cryptocurrency market and believes that the price of Bitcoin will eventually recover and increase in value over time. According to a Fortune report, Wood’s company expects Bitcoin will recover from its present lows and reach a final value of $1.48 million by 2030, a bullish scenario that would see the cryptocurrency’s value increase by more than 6,300% in just seven years.
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