- Scott Melker, a top crypto analyst, trader, and presenter of The Wolf Of All Streets podcast, has identified a threat to Bitcoin’s future
- The issue, according to the expert, is similar to the Chinese mining phenomena, in which numerous BTC mining rigs are leaving the nation
- Melker also discusses Ethereum (ETH), the leading smart contract platform, and its possibilities of overtaking Bitcoin in terms of market capitalization
Scott Melker, a top crypto analyst, trader, and presenter of The Wolf Of All Streets podcast, has identified a threat to Bitcoin’s future. Melker examines the regulatory risks that Bitcoin (BTC) may face in the near future in an interview with Kitco News, as the king currency possibly gets too huge to escape governmental grasp. In terms of the sort of regulation that Bitcoin will encounter, Melker believes that it will undoubtedly become the subject of further regulation and inspection. He believes that regulation is necessary, and whether one believes it is necessary or not, they all know that it is unavoidable, so the threat is the type of regulation, so he would argue that the threat is the type of regulation. In the near run, heavy-handed regulation by officials who don’t understand the asset may be disastrous for Bitcoin.
The issue, according to the expert, is similar to the Chinese mining phenomena, in which numerous BTC mining rigs are leaving the nation. People may have seen the Chinese mining meltdown as negative, but it is just bearish in the near run. If you believe in network decentralisation and are concerned about China’s effect, this should be regarded as highly positive in the long run. It all depends on how you look at these things and when you look at them. Even if Bitcoin is subjected to stringent government regulation throughout the world, according to Melker, the network will not collapse. He believes that really harsh laws from a number of nations may make it exceedingly difficult. But, to be clear, Bitcoin is unstoppable. It can’t be prohibited.
Melker also discusses Ethereum (ETH), the leading smart contract platform, and its possibilities of overtaking Bitcoin in terms of market capitalization. Despite the fact that the analyst does not expect Ethereum will overtake Bitcoin in terms of price, he claims that the ETH network is seeing a lot of institutional interest and usage. In the second quarter, Ethereum had a greater trading volume than Bitcoin… Both assets have his support, and he does not think Ethereum will ever overtake Bitcoin in terms of market capitalization, but institutional interest is skyrocketing. The network’s real utilisation, as measured by trade volumes, is enormous. So he believes there are compelling reasons to be positive on both of those assets.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.