The high volatility in past few days when the price of bitcoin crossed $5,000, and suddenly falling below $3,000 and again surge and stabilize around $4,000, these all are the signals of what exactly needed for the cryptocurrency. The Bitcoin needs to be regulated to stabilize and solve the issue of bitcoin volatility. It is the opinion of the former US Trading Commissioner Bart Chilton according to the CNBC published column.
Bart Chilton has been the experienced and former Chair of the US Commodity Futures Trading Commission (CFTC), the financial regulatory agency. That has been looking for all the U.S. derivates market.
Chilton as a financial regulator says that the bitcoin is been lacking in regulation which can be a huge backdrop for the cryptocurrency. The crackdown in China should inform the developers and investors of bitcoin that it needs to be regulated soon.
According to Chilton, the Bitcoin community should have a wider vision to lead in a way and diverse the focus of Bitcoin development away from other positions and more into the path of regulation and stability to the currency.
“Rather than waiting for governments to take actions that thwart the development of digital currencies, they should lead efforts to put in place appropriate regulatory oversight for these new and innovative financial technologies.”- cointelegraph