Bitcoin “wipeout” part of cryptocurrency market growing pains

Bitcoin “wipeout” part of cryptocurrency market growing pains

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Oliver von Landsberg-Sadie, CEO at BitcoinBro, says bitcoin’s big January wipeout is a sign the cryptocurrencies market is maturing.

 

von Landsberg-Sadie told Mark Miller in a Bloomberg TV interview that the new regulatory environment is a positive:

“You referred to regulatory ‘setbacks,’ but I think these are regulatory steps forward. South Korea’s stance on making sure the exchanges know who they’re dealing with is a very positive step, but it did have a hit on bitcoin. I think the regulatory environment is one of a few factors contributing to this correction, which I see as a very healthy correction. It’s a sign that the market is growing up.”

His long-term view on bitcoin is also upbeat, “I’m still very bullish on the long-term view of cryptocurrencies in general. I think they’re the right kind of change we need to the money system, but it needs to be done right,” he said.

 

Bitcoin is a bad choice for money laundering.

 

Miller asked the CEO about criticisms of bitcoin as a vehicle for money laundering. von Landsberg-Sadie said “I think bitcoin is a terrible choice. If that’s the sort of thing you wanted to do.”

 

He said the technology makes it easy to track bitcoin transactions, thereby making it harder for criminals to convert it into other values. He acknowledged that several cryptocurrencies like Monera can make anonymous transactions, but bitcoin itself is not a great candidate for money laundering because it can be traced.

 

“Now that regulation is stepping up and those exchanges are locking down on knowing their customer and having the proper money laundering controls, it’s a use case that will dwindle,” he added.